Zoopla reports that the strong momentum in the property market, which began in the New Year, has extended into February. New property listings are now at their highest in four years.
In the initial weeks of January, the portal noted a 14% annual increase in buyer demand, with a corresponding 16% rise in agreed sales. This positive trend has persisted into February, with current buyer demand surpassing last year’s figures by 11%.
Buyer numbers have increased nationwide, with London leading the way, followed by the North East and North West regions, according to Zoopla. Agreed sales have grown across all UK regions, with more than a 10% increase in six areas, particularly in London, the South East, and Yorkshire and Humber.
Zoopla also highlights that the supply of new homes for sale has risen by 10% compared to the previous year, reaching its highest point since 2020. The East of England, the South West, and the North East are experiencing the fastest pace of new home listings from sellers.
In the other property market news, Chestertons has observed a 21% surge in house hunters making offers on properties in January, driven by reduced mortgage rates. Compared to last year’s month, the agency’s recent data reveals a 17% increase in properties listed for sale and a 7% rise in owners seeking market appraisals.
Find Out More: Use our stamp duty calculator if you would like to work out your buy-to-let costs.
