Data from Zoopla reveals sales agreed up by 12%

The number of sales agreed in the UK has risen by 12% since this time last year, according to new figures from property portal Zoopla.

The website’s latest data also reveals that more homes are coming onto the market, however, prices remain flat.

Zoopla says it anticipates 100,000 more property sales in 2024 compared to the previous year – at total of 1.1million against one million in 2023 but it warns that sellers need to be realistic on price.

Mortgage approvals were also up by 32% in February 2024 compared to the previous year, putting them more in line with pre-pandemic levels.

However, with rates standing at 4.5% against less than 2% in March 2021, affordability pressure on buyers is thought to be keeping price rises down. In London, mortgage repayments for an average home are currently £7,500 a year higher than in 2021.

Richard Donnell, from Zoopla said: “The rebound in sales being agreed continues for a fourth month as mortgage rates have fallen, consumer confidence improves and home buyers have a much greater choice of homes for sale. The pipeline of sales is growing and we expect 100,000 more people to move home in 2024 than last year.”

He added that although the pace of price falls is slowing: “We don’t believe that prices will start to rise as buyers face much higher mortgage repayments than in the recent past.

“The market is adjusting to higher borrowing costs and what we need is continued price stability which will create the environment for continued growth in sales and home moves. It’s important sellers remain realistic on what they can achieve for their home.”

Read more about this story on the Property Reporter website.