Across the UK, nearly 306,000 homes are in the sales pipeline working their way to completion, 62,250 (26%) more than a year ago, Zoopla said
An estimated £113 billion-worth of homes are working their way through the buying process in what marks the highest level of new sales agreed since autumn 2020, reveals a property website.
Across the UK, nearly 306,000 homes are in the sales pipeline working their way to completion, 62,250 (26%) more than a year ago, Zoopla said.
Momentum in new sales remains strong and looks set to continue into December, supported by a high supply of homes for sale, with many of the most recent sales completing in the first half of 2025, the website said.
It said FTBs and existing homeowners who previously delayed moving decisions until mortgage rates dropped are helping to drive sales.
Zoopla said a rapid growth in rental prices, combined with mortgage rates edging down, has shifted the “renting versus buying” dynamics, supporting more FTB purchases.
Richard Donnell, executive director at Zoopla, said: It is positive to see the sustained rise in sales activity over 2024 which reflects growing confidence amongst buyers and sellers supported by lower borrowing costs and rising incomes. Overall, the market remains on track for a modest 2% price rise in 2024 and 1.1 million sales.
FTB numbers have recovered as mortgage rates have dropped but a sizeable deposit is still required to buy, he said.
The health of the housing market and people’s ability to afford housing is linked to the health of the economy. It is vital the Budget is focused on economic growth and expansion in jobs and rising incomes, Donnell said.
The primary focus should be on providing the financial support and investment needed to help build the homes the nation needs for buyers and renters, he said.
Chris McLaughlin, director at Bristol-based Ocean Estate Agents, said: Many sellers, who had transitioned to rental accommodation during the period of higher interest rates, are now re-entering the market, often mortgage-free or with substantial deposits.
