In the realm of property market predictions, there’s a bright outlook ahead, with Zoopla anticipating a notable 10% increase in property sales. This projection stands out against the backdrop of February 2023, where we saw a significant surge of 15% in agreed sales and an 11% rise in buyer demand, signaling a dynamic and thriving property market on the horizon.
Despite this overall surge in property sales, certain regions across the UK experienced a downturn in house prices, particularly notable in the east of England, where a 2.1% decline was observed. Nevertheless, the overarching trend of rising property sales remains unwavering, showcasing the market’s resilience and adaptability.
A key driving force behind this surge in sales activity has been the downward trajectory in mortgage deal prices, spurred by the Bank of England’s decision to halt rate increases. This reduction, coupled with the observed “faster growth in household incomes,” as highlighted by Zoopla, has fostered a favourable climate for potential buyers. In summary, these factors underscore a dynamic property market characterized by increasing sales, despite occasional fluctuations in prices across different regions.
