In London, agreed house sales have risen by 16% compared to last year, far exceeding the national average
The housing market is recovering, with an increase in both buyers and sellers leading to higher sales this February.
In London, agreed house sales have risen by 16% compared to last year, far exceeding the national average.
The North East of England also experienced a notable increase in sales at 17%.
According to the most recent Zoopla House Price Index, the number of homes available for sale has increased by 21% from last year. Buyer demand has risen by 11%, resulting in a 15% increase in agreed sales compared to the previous year. Agreed sales saw a significant jump due to an 11% increase in buyer demand and a 21% rise in available homes for sale. House prices have declined by 0.5% compared to the previous year.
The average house price in London now stands at £534,600, more than double the national average of £263,600. In Southern England regions (Eastern, South East, and South West), the average home price is currently £344,000, surpassing the UK average by 30%. While house price growth has slowed across most of the UK in the past year, areas where prices are at or below average have generally not experienced declines in prices.
The housing market has proved very resilient to higher mortgage rates and cost of living pressures, said Zoopla executive director Richard Donnell.
More sales and more sellers show growing confidence amongst households and evidence that 4-5% mortgage rates are not a barrier to improving market conditions, he said.
The momentum in new sales being agreed has been building for the last five months and the sales market is on track for 1.1m sales over 2024 supported by new sellers coming to the market, he said.
While sales are set to increase, we don’t expect house price growth to accelerate further in 2024, he added.
Zoopla projects approximately 1.1 million home sales for this year, representing a 10% increase compared to 2023.