November 2024 Housing Market Update: Insights from Zoopla's Latest House Price Index
Welcome to the November 2024 housing market update! The latest Zoopla House Price Index reveals key trends in the housing market
Welcome to the November 2024 housing market update! The latest Zoopla House Price Index reveals key trends in the housing market. With strong buyer interest and mortgage rates at their lowest in two years, we’re seeing exciting changes. Let’s take a look at what’s happening right now.
2024 Housing Market Update
This year has been a record-breaking one for home sales! Lower mortgage rates and high demand have led to the highest number of new sales since late 2020, with 306,000 homes currently sold subject to contract, a 26% increase from last year!
Modest Price Growth
Average UK house prices have risen by 1% over the past year. This growth reflects a balance between the high number of homes available and what buyers can afford. Looking ahead, Zoopla expects house prices to rise by 2% by the end of 2024.
Regional Trends
Growth varies across the UK, with strong performance in the North East (2%), Yorkshire & Humberside (2%), North West (2.3%), Scotland (2.4%), and Northern Ireland (5.6%). However, the Eastern (-0.3%) and South East (-0.1%)regions have seen slight declines.
National Sales Pipeline Update
The sales pipeline is at its strongest in four years! Here’s what we know:
Largest Pipeline in 4 Years: 306,000 homes are sold subject to contract, marking a 26% rise from last year.
£113bn Sales Value: The total value of homes in the pipeline has grown by 30% compared to last year.
Momentum to Continue: Strong sales activity is expected to continue through December, with many completions planned for early 2025.
What’s Driving 2024’s Sales Surge?
Several factors are driving this year’s sales surge:
First-Time Buyers Lead: First-time buyers now make up 36% of all sales, making them the largest buyer group.
Homeowners and Movers: Existing homeowners account for 31% of the market.
Cash Buyers: Cash buyers, including mortgage-free homeowners, represent 27% of sales.
Landlords Impacted: Buy-to-let purchases are low at 7% due to higher mortgage rates.
Rent vs. Buy Shift: First-time buyers are now paying 17% less on mortgage repayments compared to renting, a big change from just 2% last year.
If you have questions about the Zoopla report or how these trends might affect your property plans, we’re here to help!