Homebuyers are currently getting smaller discounts on asking prices, according to Zoopla
will increase “slowly but steadily” by 2 per cent over the second half of 2024, boosted by increased numbers of homes for sale and greater choice for buyers, according to property portal Zoopla.have increased by 0.1 per cent over the past year to reach £265,600 on average but expects this to pick up.
Purchasers were paying 96.8 per cent of the sellers asking price – the highest proportion for 18 months – with the average discount on asking prices being £16,600. It said new Government policies will have “no material impact” on the housing market in the next 12-18 months but said it believed a rate cut by the Bank of England would boost confidence and activity.Richard Donnell, Zoopla’s Executive Director, said: “The housing market is starting to hot up after a stone cold 2023. There are clear signs of growing confidence amongst buyers and sellers with many more homes for sale and buyers paying an increased proportion of the asking price.
“Government policies focused on economic growth that feeds into income growth will help support both home buyers and renters. The Bank of England will have more impact on the market in the short term and much depends on the timing of the first base rate cut.” “From a wider perspective, it has also been of great relief to see the government prioritise building new homes. Supply is possibly the greatest challenge that the new government faces, and we will have to wait and see whether it can fulfil its promise to resolve this.”
“It is vital that the new UK Government takes supply issues seriously, as this will help stabilise house prices in the long-term. Propertymark is keen to see a ‘connected communities’ approach applied with the supply of new homes and one that delivers the right homes in the right areas at the right time, while paying extreme attention to ensuring available land is utilised ahead of any move on greenbelt areas.
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