📉 Despite an annual rise, house prices have fallen 0.7% in a quarter – the biggest drop for a three-month period since 2011
have started to fall in recent times, dropping one per cent since October, and 0.7 per cent in the past three months, the biggest drop for a three-month period since 2011.Demand for homes is also down on this time last year but is at its highest since October as falling mortgage rates and a strong labour market support buyer interest.
While buyers’ choice continues to improve, sales are also taking longer. The average time from a home being first listed, to going under offer and being sold ‘subject to contract’, jumped by 71 per cent compared to 12 months ago . Scottish properties currently have the shortest sales periods at 28 days compared with London, which has the longest time to sell at 44 days.
In order to be able to purchase a property, Zoopla said buyers need to be willing to make sensible pricings and make modest downward adjustments to their asking prices if they want to move. Some are accepting asking price discounts averaging 4 per cent as buyers have more options. Richard Donnell, executive director at Zoopla said: “The housing market is arguably more balanced than it has been for more than three years. Levels of supply have recovered and buyers and sellers are not miles apart on where they see pricing and this means deals are being agreed at an increasing rate.
“Prices are drifting lower compared to a year ago but fears of a major downturn in prices are overdone. Falling mortgage rates and a strong labour market are supporting activity levels from committed movers who need to be realistic on price if they are serious about moving home in 2023. We expect to see levels of activity continue to steadily improve over Easter and into the summer.”
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