The latest data from property portal Zoopla indicates that demand in the market has fallen to normal pre-Christmas levels compared to the frenetic activity of the past couple of years.
According to Zoopla’s latest quarterly house price index, UK sales volumes are down by 28% on a year ago – but in line with the pre-pandemic period, as the country moves to a more balanced housing market.
London is among the regions where sales are holding up better than elsewhere.
Annual UK price growth has slowed to 7.8%, with the slowest quarterly rate of growth (0.7%) since February 2020. However, the portal says that prices are not falling at this stage with committed buyers and sellers still coming to the market and new sales more resilient than expected following the fallout from September’s mini-budget.
The website cites evidence that buyers are negotiating discounts as the gap between initial asking prices and the agreed sales widens. This is in contrast to the post-pandemic market, where offering the asking price or higher became standard.
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The report says that one in four sellers has reduced the price on their home since 1 September but with “relatively modest” reductions compared to historic data and fewer in number than in 2018 signalling a return to normal market conditions rather than a market crash.
According to Richard Donnell, director of research and insight: “The number of sales going through will remain buoyant for a range of structural, demographic and economic factors.”
Read more about this story on the Zoopla website.
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