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UK house prices experienced a rebound in July following a decline in June, as reported by property website operator Zoopla. The resurgence in house prices has been supported by a significant increase in buyer demand and a rise in available housing stock.
Zoopla’s UK house price index highlighted a notable 20% increase in buyer demand and a 23% rise in year-to-date sales. This uptick has contributed to a 1.4% increase in house prices across Britain so far this year. However, compared to July of the previous year, the growth rate was more modest at 0.5%, reflecting a decline in prices towards the end of 2023.
In terms of housing supply, Zoopla observed that the average estate agent listing homes on the platform currently holds 33 unsold properties. This represents the highest level of unsold stock in seven years.
Richard Donnell, a director at Zoopla, noted that the momentum in the housing market continues to build as mortgage rates trend lower. This has led to increased seller confidence, with more homeowners listing their properties for sale. The greater availability of homes is expected to support higher sales volumes; however, it is also likely to moderate the rate of price increases.
The combination of increased demand and a growing supply of homes is shaping the current housing market dynamics. While the rebound in house prices indicates a positive shift from the earlier dip, the overall rate of growth remains restrained due to the balancing effect of rising inventory and cautious buyer sentiment.
Zoopla’s data suggests that as the market adapts to these conditions, both buyers and sellers are finding new equilibrium. The trend towards lower mortgage rates is anticipated to further stimulate market activity, potentially leading to more robust sales figures while keeping price growth in check.
Overall, the latest figures reflect a recovering housing market that is adjusting to evolving economic factors and changing market conditions, with implications for future trends in property prices and sales activity.
