On the 30th of May, Zoopla published its house price index which analyses the UK property market and annual price growth across the UK. In this article we are presenting the key takeaways from this month's report.
The number of property sales across the UK has increased thanks to lower mortgage rates and a strong labour market.
Despite this, the number of sales in 2023 is on track to be 20% lower than last year.
Recent data show high inflation that could push mortgage rates higher up.
18% of homes currently for sale on Zoopla have seen the asking price cut by 5% or more.
1 in 10 (11%) of homes currently listed for sale were previously rented out.
Previous years have seen some of these properties being put back on the rental market after getting bought by another investor but, only a third are returning more recently.
The highest buyer demand and 10% more agreed sales are seen in Scotland, the North East and London.
There are no large house price falls looming to clear housing stock at this stage.
Due to the mortgage regulations by the Bank of England set in 2015 which made anyone taking a mortgage would have to prove to their bank that they could afford a 6.5-7% rate, we’ve avoided a house price crash so far.
Falling energy bills and rising earnings, support buying power and balance the impact of higher mortgage rates.
You can read Zoopla's article on their report here for the full details.