The September data from online portal Zoopla showed that UK property sales volumes were at their highest level since pandemic restrictions were lifted in 2020.
The September data from online portal Zoopla showed that UK property sales volumes were at their highest level since pandemic restrictions were lifted in 2020. The number of ‘sales agreed’ was 30% higher than a year ago, with first-time buyers representing 36% of all sales, making them the largest buyer group in 2024 so far.
Zoopla said that 2024 was turning into a “bumper year” for housing sales – competition between lenders has seen average mortgage rates reach their lowest level in two years, while rising incomes have helped usher property transactions over the finish line. Experts have observed that once again the UK housing market has showed remarkable resilience in the face of challenging economic and geopolitical scenarios.
"We are now seeing the fruits of a better economy and lower rates, with mortgages much more affordable than this time last year"
Tomer Aboody, director of specialist lender MT Finance, said: “The housing market continues to go from strength to strength with prices edging upwards as buyer and seller confidence grows… We are now seeing the fruits of a better economy and lower rates, with mortgages much more affordable than this time last year. Lower inflation should also persuade the Bank of England to take action and reduce rates further.”
Guy Gittins, chief executive of estate agent Foxtons said: “We’re already seeing more inquiries made, more offers submitted and more sales agreed, all of which bodes very well for the remainder of the year and beyond.”
November marked the fifth consecutive monthly UK house price rise and the biggest leap so far this year, according to Halifax. The mortgage lender said property values were up 1.3% compared with October.
We expect positive price growth this year – in a climate of falling mortgage rates, improving affordability and the release of some pent-up demand. Rightmove reported that first-time buyer demand in the capital in September 2024 was 28% ahead of 2023, moving up to 31% after the autumn budget.
International property company JLL has said it expects Greater London house prices to increase by 22% over the next 5-years, beating nationwide UK growth predictions of 20% over the same time span. The firm added that within those headline figures, it expected lower value markets to see stronger growth towards the beginning of the period, with more expensive markets like London and the South East outperforming in the second half.