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No further falls in price of homes expected this year

  • April 3, 2024
  • 2 min read
No further falls in price of homes expected this year

The number of agreed sales is rising as 9% more homes are going under offer compared with this time last year. “Momentum is gaining pace in the housing market” says Zoopla, as sellers get closer to getting the price they are asking for.

This is encouraging more sellers to come to market. The average estate agent now lists 30 properties for sale, 11% more than in the spring of 2023. Throughout the UK, there are now 20% more homes for buyers to choose from compared with a year ago.

“The UK currently has a healthy jobs market,” says Zoopla, “and wages are rising, which is boosting consumer confidence. Meanwhile, the average mortgage rate for a 75% loan-to-value mortgage has fallen to 4.4%, down from a high of 5.8% in June 2023.”

Affordable areas are remaining popular among buyers. The North-West and Yorkshire areas as well as The Humber have experienced the fastest growth in the number of homes going under offer. Agreed sales have climbed by 13% and 11% respectively year-on-year.

When it comes to the number of sellers entering the market, it’s the South-West that leads, seeing a 28% rise in the number of homes going on the market. It is followed by the North-East with 26% more homes now available to buyers compared with Spring 2023.

London however sees limited supplies. Only 8% more homes are available year-on-year. This keeps London prices more competitive with demand outstripping supply.

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