The housing market continues to adjust to +4% mortgage rates with increased market activity rather than faster house price growth says Zoopla.
More sellers continue to list homes for sale – 16% higher than a year ago and the average estate agent has 33 homes for sale. While more sales are being agreed buyers are paying a greater proportion of the asking price as confidence improves. UK buyers are currently paying 96.8% of the asking price, up from 95.4% last November. This is on par with the long-run average and points to continued house price inflation.
Prices have recovered the most in London and the South East. House prices have been broadly flat over the last 12 months, but over the first half of 2024 they’ve been higher across the whole of the UK. House prices are on track to be up to 2% higher by the end 2024.
