UK house prices will increase “slowly but steadily” by 2 per cent over the second half of 2024, boosted by increased numbers of homes for sale and greater choice for buyers, according to property portal Zoopla.
It found property prices have increased by 0.1 per cent over the past year to reach £265,600 on average but expects this to pick up.
Zoopla said the average estate agent currently has 33 homes for sale – more than at any point in the past six years.
And it said home buyers are getting smaller discounts on properties as the housing market begins to “hot up.”
Purchasers were paying 96.8 per cent of the sellers asking price – the highest proportion for 18 months – with the average discount on asking prices being £16,600.
The average selling price as a proportion of the asking price achieved in June last year was 96.5 per cent before dropping to 95.4 per cent in November, as households struggled with higher mortgage rates, according to Zoopla’s housing index.
It found further evidence of a growing North-South divide with prices, generally speaking, increasing over the past year in the North of England but falling in the South as affordability continues to pose a barrier along with an inadequate supply of new properties.
It said new Government policies will have “no material impact” on the housing market in the next 12-18 months but said it believed a rate cut by the Bank of England would boost confidence and activity.
