The total number of sales expected by Zoopla for 2022 is set to exceed their original projection according to their latest House Price Index, with over 1.3 million sales expecting to complete this year – 100,000 (8%) higher than originally anticipated.
According to Zoopla’s latest House Price Index, the total number of sales originally predicted for the year is set to increase by 8% to 100,000 as the frenetic activity in the market continues, house prices continue to increase every month, and sales volumes prove resilient amidst the increase in cost of living and mortgage rates across the country.
The average property price in the UK has increased by 8.3% over the last 12 months according to Zoopla, with the rate of price increases remaining well ahead of the 5-year average – most notably in the North West, where the 5-year average was expected to hit 6% and the average price in the region has now hit 9.2%. The level of buyer demand for property in the UK is also now 25% above the 5-year average, while certain regions peak above this figure and many fall below it - most notably, the London market.
“Buyer interest remains weak in the most unaffordable markets, primarily parts of London where the impacts of the pandemic have shifted the profile of housing demand and price growth remains well below average”
Zoopla’s analysis of the property price increases across the country show how despite the majority of the influence in soaring house prices comes from the undersupply and high demand for the market, a key factor dictating the current state of the market is also affordability. The fastest house price increases are continually seen in the more affordable housing markets, like the North West and North East, while the unaffordable markets, such as London are continuing to “price out” prospective buyers and limiting the potential for growth.
To learn more about the affordable markets in the UK and how to capitalise on the increase in property prices, get in touch with our expert property consultants today.