Exciting news for prospective homebuyers in the UK! House prices are set to rise by 2% by the end of 2024, supported by an increase in the number of homes for sale, according to a forecast by Zoopla. The market is thriving with a 16% jump in sales agreements compared to last year, and buyers are now paying almost the full asking price, with properties selling for an average of £16,600 below their listed price in June 2024.
Richard Donnell, an executive director at Zoopla, highlights the growing confidence among buyers and sellers, leading to more sales and increased proportion of asking prices being met. Although the Bank of England’s interest rate decision looms, experts anticipate a reduction in the base rate, potentially sparking a surge in property searches.
The housing market is adapting to higher mortgage costs, but the rise in property prices across all regions indicates a strong demand. With more sellers entering the market, motivated buyers are on the hunt for larger homes to accommodate growing families, leading to increased competition and the need to explore wider geographical areas.