According to Zoopla's latest house price index, 2024 is anticipated to be a "bumper year" for house sales, buoyed by rising real incomes and declining mortgage rates.
The survey indicated that the number of new sales has surged to its highest point since late 2020. Currently, there are 306,000 properties in the process of being purchased, which is 26 per cent more than the previous year, as reported by .
The aggregate value of these transactions has reached £113bn, marking a 30 per cent increase from the same period last year when a rise in mortgage rates led to a reduction in the number of sales agreed during the latter half of 2023.
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Zoopla reports that the impetus behind new sales "remains strong" and is expected to persist into December, bolstered by an ample supply of new homes on the market. Many of the most recent sales are projected to be finalised in the first half of 2025.
The housing market has benefited from the long-anticipated commencement of the rate-cutting cycle, with the Bank of England reducing rates in August for the first time since the pandemic began.
Market analysts predict at least one additional rate cut this year, and some economists foresee the Bank accelerating cuts in 2025. This has contributed to lowering mortgage costs for new buyers.
Despite the uptick in market activity, house prices have only risen by one per cent over the past 12 months, in contrast to a 0.9 per cent decline the year before.
Zoopla attributes the restrained price inflation to an extensive selection of homes for sale and affordability constraints, which are tempering purchasing power.
Richard Donnell, executive director at Zoopla, commented: "It is positive to see the sustained increase in sales activity over 2024 which reflects growing confidence amongst buyers and sellers supported by lower borrowing costs and rising incomes."