Annual price growth has slowed down to 3%, according to Zoopla
Annual price growth has slowed down to 3%, according to Zoopla
Zoopla’s recent report stated, the Annual price growth has slowed down to 3% and the month on month falls maybe behind us The report noted that there are early signs that the level of monthly falls are now reducing and main price adjustment is behind us
According to Zoopla, demand is continuing to recover through house market activity and subsequently a growth in new sales agreed. Presently demand for homes is 14% higher than in 2019 and since Easter the highest this year. Housing stock is now two thirds higher than a year ago, which is boosting the number of sales agreed by providing more choice.
First time buyers were the biggest buyer group in 2022
Zoopla estimate First Time Buyers using a mortgage accounted for 34% of the sales last year, followed by home movers (31%) and cash buyers (25%)
While higher mortgages rates should have hit First Time Buyers the hardest, majority of the First Time Buyers came from the private rented sector. Zoopla believes this could be due to higher rental costs and lack of supply, First Time Buyers are considering home ownership. However, deposits and right level of income for mortgage affordability remain as challenges, which varies across the country.
Zoopla’s executive Director – Richard Donnel said:
‘The worst of the pricing adjustment in housing market appears to be behind us. House price growth will slow further over 2023 and dip into negative territory. More important is that transaction volumes continue to grow.’
So how can Brooklyns Financial help?
If you are thinking of joining the property ladder or moving in the next couple of months. We will advise you on the options available that are bested suited to you. We are here to help you every step of the way Just give us a call 01628 564631 or email us info@brooklynsfinancial.co.uk for an initial chat?
The information contained within was correct at the time of publication but is subject to change.
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