Number of UK Properties for Sale Increases by 21%
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Zoopla House Price Index Shows Increase in Buyer & Seller Confidence
2024 continues to correct the course of UK property investment, according to the latest figures in the Zoopla House Price Index.
The data reveals that the number of properties for sale has increased by more than one-fifth, while buyer demand is also rising. Crucially, sales agreed are considerably higher than they were this time last year.
What does this mean for UK buy-to-let investment? Let’s get into it.
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What Does Zoopla Say About Property Sales & Buyer Demand?
The latest Zoopla House Price Index reveals multiple positive trends in the housing market. There are 21% more homes for sale compared to last year. Buyer demand has also risen by 11%, and sales agreed are up by 15% from the previous year. This indicates increased buyer confidence and more realistic pricing by sellers.
Elsewhere, house price inflation in the UK has slowed to -0.5%, a slight improvement from -1.4% in October 2023. This trend of slowing house price falls is observed across all regions of the UK. While five English regions still experienced annual price falls of up to -2.1%, positive house price growth is now seen in the remaining four areas of England (including the North West and North East), as well as Wales, Scotland, and Northern Ireland, where annual price inflation stands at 4.3%.
The more robust property pricing demonstrates that prices do not necessarily need to drop to stimulate sales activity. Estate agents now agree to an average of six monthly property sales, compared to 5.2 from the previous year.
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How Are Different Regions Performing in the UK Property Market?
As is typical of any property market, location has significantly influenced property prices, leading to a ‘three-speed’ housing market in the UK.
Zoopla notes the most prominent annual price drops in Southern England, which includes the Eastern, South East, and South West regions excluding London. These areas have been affected by rising mortgage rates and decreased buyer power, resulting in an average home price of £344,000, which is 30% higher than the UK average.
On the other hand, the London property market stands out from the rest of Southern England. Despite being the most expensive housing market, with an average price of a buy-to-let property in London at £534,000, it has experienced much lower levels of house price inflation over the past seven years. Affordability has slowly improved during this period, making the market accessible to more potential buyers.
However, many buy-to-let investors are looking further afield in search of the best place to invest in property in the UK due to London’s substantial property prices and rental costs.
The surge in demand and limited growth in available homes for sale (only 7% higher compared to 21% for the UK) explain why the annual price inflation rate is increasing more rapidly than in the Southern England regions.
Although house price growth has slowed considerably over the past year in the rest of the UK, annual price declines have been minimal. The Zoopla House Price Index shows that house prices in these areas either match or are lower than the UK average. The impact of higher mortgage rates on purchasing power has been less pronounced.
These factors attract buy-to-let investors to areas like the North West, where cities like Manchester and Liverpool boast strong economies and huge tenant demand but also have more affordable property prices and rental costs. These are all things investors look at when searching for safe investments in the UK.
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How Did Zoopla React to the Most Recent House Price Index?
Executive Director at Zoopla, Richard Donnell, says: “The housing market has proved very resilient to higher mortgage rates and cost of living pressures. More sales and more sellers show growing confidence amongst households and evidence that 4-5% mortgage rates are not a barrier to improving market conditions.
“The momentum in new sales being agreed has been building for the last 5 months and the sales market is on track for 1.1m sales over 2024 supported by new sellers coming to the market. While sales are set to increase we don’t expect house price growth to accelerate further in 2024.”
Learn More: To read up on some of the UK’s buy-to-let hotspots, take a look at some of our latest area guides, such as off-plan property in Woking and buy-to-let in High Wycombe.
Number of UK Properties for Sale Increases by 21%
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