The UK housing market is experiencing a period of steady recovery, according to the latest data from Zoopla.
Here are the headline figures:
◾ Buyer demand rises as mortgage rates fall.
◾ Mortgage rates fall to 4.5% for 5-year fixed-rate deals.
◾ The number of homes for sale hits a 7-year high.
◾ 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.
◾ Buyer demand is up 20% on July 2023 and the number of sales agreed rises 25%.
𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆
Despite the market’s stability, sellers need to remain mindful of overpricing.
Zoopla’s 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.
𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆 𝘄𝗶𝘁𝗵 𝗮𝗻𝘆 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀.
*Source: Zoopla House Price Index – 28 August 2024.
