New sales have increased across all UK regions, but London and the East of England have seen the biggest comeback regarding buyer demand.
However, that’s not to say that these areas had the highest sales. According to Zoopla’s House Price Index, although other regions had more considerable increases in Sales (+19% in Yorkshire and the Humber, for example), these increases were typically in line with last year’s growth. They believe London’s buyer demand rebound could ‘reflect a turn of fortunes for the London housing market.’
This increased demand has been observed across all London areas, including inner London, up-and-coming areas of London, and commuter towns.
London has trailed behind other regions over the past 7 years when it comes to price growth and sales. For example, the price of a flat in the capital has increased by only 2% in this time frame. Currently, London is the most affordable it has been since 2014. But it’s still much pricier than the UK average, meaning investment properties in London may remain less prevalent compared to other regions.
Zoopla forecasts that London’s market conditions will continue to increase this year, thanks to rising earnings and slower house price growth boosting sales numbers.