All primary measures of sales market activity show positive, upward momentum
Sales activity in the housing market is up across the UK; new sales agreed are 9% up on a year ago, and in Yorkshire and the Humber the figure stands at 11% (one of the strongest areas for growth), says Zoopla in its March UK House Price Index report published this week.
The report says that all primary measures of sales market activity show positive, upward momentum, and the upward trend in sales activity is encouraging more sellers to bring their homes to the market.
The average agent had 11% more homes on the market over the last four weeks than they did at this time last year. Overall, there are a fifth more homes on the market than last year.
It says this is because of faster real wage growth and a healthy jobs market, which are both boosting consumer confidence. Zoopla reports that the latest GfK survey finds that consumer confidence in personal finances has hit the biggest level in over two years. Also, mortgage rates have dropped to 4.4% for a 75% loan-to-value 5-year fixed-rate load, which is over one percentage point down from a high of 5.8% in June 2023.
Buyers remain price sensitive
While more sales are being agreed, buyers remain price sensitive and continue to negotiate on price, says Zoopla.
Two fifths (41%) of sales agreed in March were at a sales price 5% or more down on the asking price. This is an improvement on from nearer to half of sales in the final quarter of 2023 but is still high by historic standards. Zoopla says it reports its views that house price inflation will stay broadly static over 2024.
With more homes for sale, buyers have more choice and room to negotiate. Zoopla says this is evidence that sellers need to be realistic on asking price to take advantage of improving market conditions to secure a sale and move home in 2024.
Sell for more with Preston Baker
Preston Baker’s figures for house sales over the last 90 days show that our unique way of selling homes, using our Property Launch model, has achieved home sellers a sale price of 102.6% of a property’s asking price on average.
Thinking of selling? Book a free valuation
With the positive signs in the housing market, and especially in Yorkshire, now could be the perfect time to get your home on the market, to take advantage of the increase in activity.
Preston Baker would be happy to give you a free, no obligation valuation.
We work relentlessly to get the best outcomes for home sellers, and our unique Property Launch model is proven to sell homes for more and quicker than more traditional methods.
We can also help you find your onward move, including homes that are not yet on the market.
Want to find out more? Book a free property valuation and consultation now.
