The UK housing market is experiencing a period of steady recovery, according to the latest data from Zoopla.
Here are the headline figures:
โพ Buyer demand rises as mortgage rates fall.
โพ Mortgage rates fall to 4.5% for 5-year fixed-rate deals.
โพ The number of homes for sale hits a 7-year high.
โพ The average UK house price has risen by 1.4% so far this year and is on track to be 2.5% higher by the end of 2024.
โพ Buyer demand is up 20% on July 2023 and the number of sales agreed rises 25%.
๐๐ฒ๐ ๐๐ฎ๐ธ๐ฒ๐ฎ๐๐ฎ๐
Despite the marketโs stability, sellers need to remain mindful of overpricing.
Zooplaโs data shows that homes requiring a 5% or greater price reduction typically take longer to sell than those priced accurately from the outset.
Affordability remains a key issue, so set realistic prices to attract serious buyers.
๐๐ผ๐ป๐๐ฎ๐ฐ๐ ๐๐ ๐๐ผ๐ฑ๐ฎ๐ ๐๐ถ๐๐ต ๐ฎ๐ป๐ ๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐พ๐๐ฒ๐๐๐ถ๐ผ๐ป๐.
*Source: Zoopla House Price Index โ 28 August 2024.
