An estimated £113 billion-worth of houses are within the gross sales pipeline – marking the best degree of recent gross sales agreed since autumn 2020, in keeping with a property web site.
Throughout the UK, round 306,000 houses are working their means by the shopping for course of to completion, 62,250 (26%) greater than a 12 months in the past, Zoopla stated.
Momentum in new gross sales stays sturdy and appears set to proceed into December, supported by a excessive provide of houses on the market, with lots of the most up-to-date gross sales finishing within the first half of 2025, the web site added.
Zoopla stated first-time consumers and current owners who beforehand delayed transferring choices till mortgage charges fell are serving to to drive gross sales.
It stated a fast development in rental costs, mixed with mortgage charges edging down, has shifted the “renting versus shopping for” dynamics, supporting extra first-time purchaser purchases.
Richard Donnell, govt director at Zoopla, stated: “It’s optimistic to see the sustained enhance in gross sales exercise over 2024 which displays rising confidence amongst consumers and sellers supported by decrease borrowing prices and rising incomes. General, the market stays on observe for a modest 2% worth enhance in 2024 and 1.1 million gross sales.
“First-time purchaser numbers have recovered as mortgage charges have fallen however a sizeable deposit remains to be required to purchase.
“The well being of the housing market and folks’s skill to afford housing is linked to the well being of the economic system. It’s very important the Finances is concentrated on financial development and growth in jobs and rising incomes. The first focus ought to be on offering the monetary help and funding wanted to assist construct the houses the nation wants for consumers and renters.”
Chris McLaughlin, director at Bristol-based Ocean Property Brokers, stated: “Many sellers, who had transitioned to rental lodging in the course of the interval of upper rates of interest, at the moment are re-entering the market, usually mortgage-free or with substantial deposits.
“Purchase-to-let exercise has notably declined as smaller or ‘unintended’ landlords exit the market, influenced by much less beneficial monetary situations and growing regulation.”