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UK home sales rise at fastest pace in three years

UK home sales rise at fastest pace in three years

 


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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.

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