More homes for sale and greater buyer confidence is fuelling a rise in the number of sales being agreed, according to a major property website.
High mortgage rates and repayments are still affecting buyers’ affordability and demand in the housing market, Zoopla added – an average homebuyer using a 70 per cent loan-to-value mortgage would have an annual mortgage repayment of £11,400, up from £7,100 in March 2021 – a 61 per cent difference. Richard Donnell, executive director of research at the property website, said: “The rebound in sales being agreed continues as mortgage rates have fallen, consumer confidence improves and home buyers have much greater choice of homes for sale. The pipeline of sales is growing and we expect 100,000 more people to move home in 2024 than last year.
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