Home buyer demand bouncing back across UK with Blackpool, Swindon and Newcastle leading the pack
Zoopla this morning said the supply of homes being put up for sale generally is building momentum, although the overall choice of properties remains constrained.
Blackpool and Swindon are among the urban areas seeing a bounceback in home buyer activity, according to the property website.
The stock of homes available to buy is still 42 per cent below the five-year average, although it was down by 47 per cent in December 2021, Zoopla said.
The website has also seen an increase in demand from buyers in major cities such as Newcastle and Birmingham since the start of the year.
Towns such as Blackpool on the Lancashire coast and Swindon in Wiltshire have also seen a recent jump in demand, Zoopla added.
The strength of buyer demand amid constrained stock levels is continuing to put upward pressure on prices, the website said.
House prices
Across Britain, the average house price was up by 8.1 per cent in the year to February, pushing the average home to a market value of £245,200.
Grainne Gilmore, head of research, Zoopla, said: “Demand is strongest for family houses, indicating a continued appetite for additional internal and external space.”
Zoopla predicts that increased pressure on household finances and wider global uncertainty will act as a drag on buyer demand during the year.
It said mortgage rates have already started to rise after the recent rise in the Bank of England base rate to 0.75 per cent.
The report said: “All of these factors signal that potential sellers currently have a ‘window’ of strong buyer demand, especially those selling family houses.”