Latest figures from property website Zoopla reveal the UK property market may be starting to cool, with the time taken to sell a property getting longer and an increase in the number of properties offered for sale at a discount.
Nationally, house prices rose by 8.4% during the year to April, down slightly on the 9% March figure. Month-on-month, UK prices increased by just 0.2% in April, compared to monthly gains of 0.7% earlier in the year.
For London, the annual rise was smaller at 3.6%. On average it took 21 days for a three-bedroom house in the capital to go from listing to sale in April, compared to 17 days in March.
Zoopla also reports an increase in the number price reductions by at least 5%. In April, one in every 20 properties, in every UK region, had been reduced in price. This is compares to one in 22 the previous month.
While there are indications of a slowdown in the market, demand is still outstripping supply, according to the portal, with the market significantly busier than before the pandemic.
Buying and selling at the same time?
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However, there is evidence of an increased number of properties coming to the market. New listings in the four weeks to 22 May were 7% higher than the five-year average.
Looking to the future, the portal believes the squeeze on incomes and rises in interest rates will put the brakes on the market in late summer and autumn.
According to Zoopla’s head of research, Gráinne Gilmore: “The annual rate of price growth will ease this year. On a monthly basis, price growth has already moderated. A continuation of this trend, even with some small monthly declines, means price growth will reach 3% by the end of the year.”
Read more on the Zoopla website.
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