UK home sales rise at fastest pace in three years

Stay informed with free updates

UK house prices Sign up to myFT Digest and get it delivered straight to your inbox.

Home sales in England rose at the fastest pace since the post-lockdown rebound in September, according to data from Zoopla. This is due to increased demand from homebuyers due to low mortgage rates.

The number of sales agreed in the four weeks to September 21 rose by 25% year-on-year, the sharpest increase since the spring of 2021 when the market rebounded after the first Covid-19 lockdown, a survey by the property portal showed.

Data released on Thursday showed buyer inquiries to estate agents rose at an average annual rate of 26% over the same period, the fastest pace in more than three years.

Richard Donnell, managing director of Zoopla, said low mortgage rates were giving a much-needed boost of confidence to homeowners who had been on the sidelines for the past two years.

He added that mortgage rates, which are at their lowest level in more than a year, are supporting double-digit growth in all key indicators of sales market activity.

These figures add evidence that the UK property market is recovering as quoted mortgage rates continue to fall.

Latest data from the Bank of England showed mortgage approvals rose to their highest level in two years in August, while lender Nationwide said approvals rose at the fastest pace in two years in September. Reported.

The average two-year fixed rate deal with a 60% loan-to-value ratio was 4.7% in August, down from 4.9% the previous month. The figure was well below the peak of 6.4% in August last year, according to BoE data.

Alex Kerr, an economist at consultancy Capital Economics, said in September that a further decline in swap rates, which affects mortgage trading, could lead to further declines in mortgage rates and accelerate house price growth next year. He said it implied that there was.

Zoopla said there was a 16% year-on-year increase in new properties coming to the market and a 12% increase in stock of homes for sale.

The trend is fueled by speculation about possible tax changes in the budget for investors, second home owners and multiple homeowners considering selling.

According to Zoopla, the increase in supply has been particularly strong in coastal and rural areas, combined with the possibility of tax changes in the Budget and many UK councils planning to double council tax on second homes next year.

Places such as Truro, Exeter and Lincoln saw housing supply increase by more than 20% on an annual basis last month.

NigelBishop, managing director of buying agency RecocoProperty Search, said second home owners and rental investors were facing drastic changes due to tax reform on empty homes.

He added that with a significant number of second homes coming up for sale, we could see the property markets in areas like Cornwall becoming increasingly attractive to house hunters looking for permanent residence but currently priced out of the market.

Sources 1/ https://Google.com/ 2/ https://www.ft.com/content/ebdaa20f-9df2-4ece-b47c-1d7a116d3c18 The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos