According to the latest data, there’s an 11% increase in UK buyer demand and a 15% rise in the number of agreed sales over the past year, spanning all UK regions and countries.
Zoopla’s statistics highlight that the North East and London have seen a particular surge in new buyer interest.
Additionally, there’s a 21% uptick in the number of homes on the market compared to last year, indicating higher seller confidence and more options for buyers. Notably, estate agents are securing six new sales per month on average, up from 5.2 per month this time last year.
Reactions from Industry Professionals:
Nathan Emerson, CEO of Propertymark, says: “The continuing positive trends in the housing market are a good sign, especially for those hesitant about selling. Although interest rates haven’t dropped yet, the Bank of England’s recent meeting suggests they won’t rise further. A potential decrease in interest rates is on the horizon if inflation falls, which would alleviate the financial pressure on the public.”
Simon Gerrard, managing director of Martyn Gerrard estate agents, observes: “The housing market is picking up pace, as evident by the current data and our firsthand experience. The significant increase in market listings is meeting a stronger buyer confidence. With an 11% rise in buyer interest, we’re also getting more property inquiries, thanks in part to decreasing interest rates from lenders.
“However, the market isn’t without its challenges, as the small dip in house price growth may cause some uncertainty. This is likely due to some lenders slightly raising mortgage rates as inflation declines stabilize. Remember that the base interest rate remains the same, and it may even decrease later this year if inflation is kept in check. Those who price their properties correctly can still achieve top prices, even in this context.
“The upcoming Spring Budget is also on many people’s radar, as they hope for government measures to facilitate home buying. Encouraging downsizing through stamp duty exemptions and reversing stamp duty charges could stimulate market growth. Although government action is uncertain, the signs point towards a flourishing property market this spring.”
Nigel Bishop from Recoco Property Search, adds: “Buyer confidence has seen some recovery, supported by more accessible mortgage options and a willingness among sellers to list their properties, offering buyers more choices.”
Adam Feather of Robert Anthony Estate Agents, comments: “The UK housing market is looking up, with a marked increase in transactions as we approach the Spring. However, pricing remains critical, with properties priced correctly selling quickly, while those with inflated prices linger unsold.”
