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29th February 2024
5 minutes

UK Property Market Sees 15% Increase in Sales Agreed According to Zoopla

Buyer demand in the UK property market has increased by 11% on the previous year, according to the latest House Price Index released this morning by property website Zoopla, as all measures of sales market activity have continued to increase with pent-up demand now returning to the market.

Man Purchasing House Estate Agent jpg

Image Source: cityam.com

Buyer demand is now 11% higher than last year

According to the latest House Price Index published by property website Zoopla this morning, the UK property market has seen an increase in all measures of sales market activity across the country as pent-up demand returns to the market, with buyer demand now 11% higher than the previous year.

The number of sales agreed has also increased by 15% on the previous year – a significant indicator of the current health of the UK property market and evidence of greater buyer confidence across the country.

“The average estate agent is agreeing 6 new sales a month, up from 5.2 a year ago. This is evidence that house prices don’t need to fall to support growing sales volumes. This is feeding through into our UK house price index, which continues to record a slowdown in the rate price falls.”
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Despite sellers now pricing more competitively for the buyers in the market, asking price reductions are also reportedly lower than the previous year while price reductions of 5% or more are highest in the South East and the East of England.

When comparing the increase year-on-year in sales agreed in the market, the North East and North West both reported increases of 17% and 13% respectively.

Zoopla predicts 10% more sales in 2024 totalling 1.1 million

“Sales market momentum has been building over the last five months. We believe that the market is on track for 10% more sales in 2024 than last year, set to total 1.1m.”
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Zoopla has reported clear demand from buyers looking to purchase property in 2024 which has altered their expectations of the sales volumes expected for the coming year – with the level of buyer demand now anticipated to support higher sales volumes and that the market can expect 10% more sales in 2024 than the previous year, bringing the total number of sales in 2024 to 1.1 million.

While buyers in the market are continuing to adjust to the higher level of mortgage rates and big lenders in the UK are lowering their interest rates, Zoopla has estimated that rates could move lower over the year, but this is not expected to happen until later in the year based on the timing of the potential future base rate cuts.

Buyer demand has increased in Manchester

At Beech Holdings we have experienced an increase in buyer demand now that mortgage rates are continuing to stabilise, and more clients are looking to satiate their pent-up demand for properties in Manchester.

To learn more about the current state of the UK property market and how mortgage rates are declining, get in touch with our expert team today or call directly at +44 (0) 161 791 4600.

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