UK housing market off to a strong start in 2024

Uk housing

The latest Zoopla House Price Index showed that sales agreed have soared across all regions and countries of the UK during the initial three weeks of 2024

The UK housing sales market is off to a strong start this year, driven by a revival in pent-up demand and a decline in mortgage rates below 5%.

The latest Zoopla House Price Index showed that sales agreed, a key metric reflecting market confidence and activity, have soared across all regions and countries of the UK during the initial three weeks of 2024.

As per the report, new sales agreed have seen a notable increase across the UK, with an average rise of 13% compared to the same period last year. Leading this improvement are Yorkshire and The Humber, with a 19% increase, followed closely by the West Midlands with a 17% rise.

This trend, Zoopla noted, indicates a growing alignment between buyers and sellers on pricing, with sellers continuing to adjust asking prices to attract buyer interest, a pattern observed since last year.

Furthermore, the overall supply of homes for sale has expanded, indicating increased confidence among sellers. Compared to last year, the overall supply of homes on the market has increased by 22%, with the average estate agent now listing 28 homes for sale. This increase in supply offers buyers more options and is expected to help stabilise house prices.

The report also showed a moderation in annual UK house price declines, with a current rate of -0.8% as of December 2023, an improvement from the -1.4% low recorded in October 2023. While house price drops are most pronounced in the East of England, positive annual price growth continues in Scotland, Northern Ireland, and the three northern English regions.

In the meantime, London has seen a significant rebound in new buyer demand in 2024, with a 21% rise. This jump in demand is observed across inner and outer London, as well as core commuter areas, potentially suggesting a reversal of fortunes for the London sales market after seven years of subdued activity compared to the rest of the UK.

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