The Zoopla House Price Index shows a 1.4% increase in house prices for the first seven months of 2024, with the average price at £266,400 in July. Prices are projected to rise by 2.5% over the year, with 1.1 million sales expected.
The UK property market is experiencing overall growth, fueled by economic improvements and increased consumer confidence. Manchester and Liverpool have seen the highest annual price rises at 2% and 1.7%, respectively, with the North West emerging as a key buy-to-let area due to its consistent growth.
Buyer demand is up by 20% from last year, and new sales agreed have surged nearly 25%. Sellers are listing homes at a faster rate, leading to the highest property inventory in seven years, with 33 homes per agent. Zoopla reports that the housing market is currently the most balanced it has been in five years. The recent Base Rate cut has led to a slight boost in new sales, suggesting that some buyers were waiting for this adjustment. The market is on track for a 10% increase in sales compared to 2023.
