Asking Prices Drop by £18,000 on Average; UK Becomes Buyers Market
According to Zoopla’s latest research, homebuyers in the UK are in the strongest position in five years, with the property portal detecting an average of £18,000 reduction in asking prices.
For those seeking profitable a property investment strategy, this could be an opportune time to add UK properties to their portfolio, especially with mortgage rates dropping to around 5%.
Let’s look at this Zoopla report in greater detail.
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Zoopla Research at a Glance
- Property prices have fallen across England and Wales in every price band
- The most significant drop is in southern England, despite prices being well above pre-pandemic levels
- House price falls should end in 2024
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What Did Zoopla Say About Asking Prices in the UK Property Market?
Zoopla research shows discounts in asking prices have risen to £18,000 – the most significant change since 2018. These figures suggest that investors could be in for a firm and secure “buyer’s market” despite lower supply levels across the UK.
Zoopla shows discounted asking prices on completed sales increased by 5.5% during the first weeks of November, representing a 3.4% increase from the first half of 2023.
London property market areas and the South-East saw a considerable discount of 6.1% (roughly £25,000). However, property prices are much higher in the capital and south-east region, so discounted properties in those areas will still cost significantly more than better-value locations such as the North West, where property prices are remarkably resilient amid some of the best rental yields in the country, particularly in Liverpool and Manchester City Centre.
Looking for a way to generate passive income ideas? Learn more about UK buy-to-let with RWinvest’s latest guides and insights!
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Why Is the UK Property Market a Buyer’s Market?
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