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UK Property Market Starts Strong in 2024
三月 14, 2024
UK Property Market Starts Strong in 2024 伦敦
By   Internet
  • 都市报
  • UK property market
  • home buying demand
  • property sales
  • London property market
Abstract: Recent data reveals that the UK property market has had a strong start in the first two months of this year, driven by the decrease in mortgage rates and surging housing demand. Buyers across the country have increased in numbers, with housing demand rising by 11% compared to the same period last year, with the London market showing particularly impressive performance.

According to the latest report from Zoopla, the UK property market continues to rebound, with the London market witnessing a 16% year-on-year increase in property sales volume in February, accompanied by a 15% increase in approved mortgage applications. Zoopla explains that the decrease in mortgage rates has led to a continuous strengthening of buyer confidence.


Additionally, Zoopla points out that due to increased demand in the London housing market and supply constraints, house price rebound in London is faster than in other regions of the UK. Currently, the supply of new homes for sale in London has only increased by 7%.


Overall, buyer demand in the UK market has increased by 11% compared to the same period last year, with booked sales volume rising by 15%.


UK Property Market Starts Strong in 2024

Internet


Zoopla states that this trend is not merely a "New Year" phenomenon; the sales market's momentum has been strengthening over the past five months.


As buyers continue to return to the property market, Zoopla predicts that UK housing sales will increase by 10% this year, with the total annual transactions expected to reach 1.1 million, up from 1 million in 2023.


Richard Donnell, Executive Director of Zoopla, commented, "Despite rising mortgage rates and increased cost of living pressures, the resilience of the UK property market is very strong, and the increase in sales volume once again demonstrates the growing confidence of households in purchasing homes."


This series of data and analysis indicates that the UK property market is undergoing a strong recovery, which has positive implications for the overall economy and related industries. Investors and industry professionals are confident about future market trends, while also reminding people to pay attention to changes in the supply side to ensure stable market development and provide more homebuying opportunities for families.

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UK Property Market Starts Strong in 2024
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