Property website Zoopla’s latest figures show that buyers are prepared to pay asking prices, and more properties are coming onto the market compared to 2023.
The housing market remains stable, with 96.8% of asking prices achieved in July, according to property website Zoopla.
The amount of properties on the market has increased in the past year, with 16% more properties for sale now than a year ago. The average estate agent has 33 homes for sale. A greater supply of homes for sale means that buyers and sellers will be more motivated to move.
Zoopla says that house prices are on track to be up to 2% higher over 2024 and says the market ‘continues to adjust’ to 4% mortgage rates with ‘positive signs of increased activity’.
Housing market activity will keep improving
While house price growth was slow across the UK in the first half of 2024, Zoopla says that market activity will continue to improve, but prices will be kept ‘in check’ by greater supply and affordability constraints.
According to Zoopla, annual UK house price inflation is up by 1%, while Nationwide’s figures, published at the end of July, showed an annual increase of 1.5%. Nationwide has said that house prices have seen the fastest growth since 2022, with its monthly prices going up from 1.5% in June to 2.5% in July.
Zoopla says that the base rate cut will deliver a boost to consumer confidence and market activity. The base rate was reduced on 1 August from 5.25% to 5% – the first reduction in four years.
Older borrowers searching for longer-term mortgages
The market has also reported a surge in interest from older borrowers, with searches for 21-25-year mortgage terms from over 50s surging by 83%, according to Legal & General.
If you plan to sell your home, here’s some helpful tips on how to get the asking price you have in mind:
• Make sure you’re being realistic – get three valuations from three different agents
• Do your research – look online at property websites like Zoopla and Rightmove to see what other comparable properties are being marketed for
• See how much comparable properties have recently sold for – despite recent prices edging up slightly, it will still give you an idea of what people are prepared to pay.