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Housing market ‘increasingly relying on a smaller pool of serious buyers’
Committed buyers with mortgages agreed and cash purchasers support UK housing sales despite 13% lower inquiries and a 2% annual drop in agreed sales, Zoopla reported.
- UK housing market buyer inquiries dropped 13% in March compared with a year ago, according to property website Zoopla. Despite lower demand, house price inflation holds steady at 1.3% annually.
- Rising mortgage rates and global uncertainty linked to the Middle East conflict have dampened buyer confidence. Potential purchasers are increasingly adopting a cautious, "wait and see" approach before entering the market.
- Zoopla reported a 2% annual decline in agreed sales, with the market largely supported by committed buyers who have already secured mortgage agreements. Around a quarter of sales are cash purchases.
- The number of homes for sale increased 6% annually, reflecting continued desire to move despite uncertainty. Price growth remains strongest in affordable areas, with the North West recording a 3.5% annual increase.
- Richard Donnell, executive director at Zoopla, said the market "remains active, but becoming increasingly reliant on a smaller pool of serious buyers." This signals future trends hinge on committed purchasers navigating economic uncertainty.
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The Independent
The Independent (US)Housing market softens while relying on ‘smaller pool of serious buyers’
The overall number of homes for sale has increased by 6% annually
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