Bumper year forecast for housing market
November 2, 2024 by Heidi
Property Market
With just two months of the year left to go, the latest data for the housing market in the UK is suggesting that it will turn out to have been an impressive year for completed sales.
This data comes from the new House Price Index published by Zoopla. The figures contained within it show that new house sales have hit their highest level since the end of 2020. The property search website is arguing that this is down to a combination of the lowest mortgage rates since 2022 and a rise in average income levels.
At the same time as both of those things are happening, house price inflation has been kept in check. The past year has brought a rise of 1% in average prices, in comparison with -0.9% at the end of 2023. Contributing factors to this situation include more homes being available to buy within the market and external pressures on affordability. These have made it more of a buyers’ market.
The figures that appear in the House Price Index reveal that 306,000 properties are in the process of being sold right now. That is 62,250 more than there were for 2023.
Sarah Coles from Zoopla said to Mortgage Strategy that:
“This is the year of the first-time buyer, as the horror of renting is persuading more tenants to take the leap into home ownership.”
This is welcome news for everyone within the industry, and will ensure demand for CeMAP training courses stays very high.
Written by
Heidi
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