May 2023 saw a spike in London property sales, according to figures from the property portal Zoopla. House sales in the capital this May were 10 per cent higher than the five-year average for the month, despite interest rate rises and reports that demand for homes is falling.
According to Zoopla, an increase in supply of houses at the lower end of the market fuelled sales, as tenants looked to buy rather than face rent increases. Across the UK, one in 10 homes for sale was previously rented contributing to pressure on supply in the lettings sector.
Zoopla’s latest house price index reveals that London has seen some of the highest levels of buyer demand in the UK.
The report also puts increased sales down to realistic pricing by sellers, whose expectations are becoming more in tune with buyer budgets. Across the UK house prices have fallen by 1.3% according to Zoopla and by 0.2% in London.
While property in the capital is still expensive, homes are better value for buyers – especially those looking at flats.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Zoopla says that mortgage regulations have limited the impact of rising interest rates on the market. However, it warned that further rate rises could weaken demand and activity as the year progresses.
According to Richard Donnell of Zoopla: “Overall, it seems likely that the housing market momentum of spring 2023 will weaken in the second half of the year, with the impact depending on the outlook for mortgage rates. But falling energy bills and rising earnings continue to support buying power and offset the impact of higher mortgage rates.”
Read more about this story on the Homes & Property and Zoopla websites.
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