The latest House Price Index from Zoopla shows a 25% increase in demand for residential property. Sales agreed and buyer demand both increased by more than a quarter in September compared to the same period in 2023.
The general improvement in transactional volumes is reflected in the government’s official data suggesting that the number of monthly sales completing across the UK property market in August tipped the 100,000 threshold for the first time since December 2022.
Whilst sentiment might be that it will be in to 2025 until the market returns to form, the latest statistics make for cheery reading.
Amity has seen the broader positive economic conditions filtering through to its own transaction levels as home owners look to move in response to mortgage rate changes. Some people are also looking to sell ahead of the likely upcoming tax changes that we expect to see in the upcoming budget.
The Zoopla data also shows that whilst house prices are lower than a year ago in the South West, South East and Eastern regions of England, in the rest of Great Britain, house price growth is higher than a year ago with prices up to 2.5% higher.
Most new listings are home-owners looking to sell and buy another home. However, not all homes are ‘brand’ new to the market. A fifth of homes currently for sale were previously on the market at some stage in the last two years.
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