Housing market ‘off to its strongest start in three years with sales up by 12%’
Housing market ‘off to its strongest start in three years with sales up by 12%’
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The housing market has got off to its strongest start in three years, according to a property website. The volume of new sales agreed was up by 12%, when comparing the four weeks to January 24 2025 with the same period last year, Zoopla said. The number of homes for sale is also 10% higher than a year ago, according to its data.
The website suggested some buyers are attempting to beat a stamp duty hike from April 1, which will see the “nil rate” band for first-time buyers reduce from £425,000 to £300,000. Stamp duty applies in England and Northern Ireland. The average UK house price was put at £267,700, having increased by £5,200 across last year, after a £2,400 decrease during 2023.
Rising volumes of sales are supporting UK house price inflation. Zoopla said house prices across the UK were 2.0% higher on average in December 2024 than a year earlier, ranging from 7.7% in Northern Ireland to 1.0% in eastern England. But there are signs that the recent upturn in prices is starting to level out as mortgage rates drift higher and buyers have a wider choice of properties, the report said.
Zoopla said house price inflation will be kept in check over 2025 but the current North/South divide in home price inflation is expected to continue over the year ahead. Richard Donnell, executive director at Zoopla said: “The first few weeks of each year tend to provide a clear indication of how the rest of the year is likely to unfold.
