Half of homes sell in three weeks in frenetic real estate market

Properties are selling within three weeks of being listed, as determined families compete for the most sought-after homes.

January was the busiest start to the year for the housing market since 2016, according to real estate website Zoopla.

There are now 50% more homes selling within three weeks than last January, despite buyers scrambling last year to make the most of the tax savings from the tax exemption. stamp duties.

Three-bedroom homes outside London were the fastest-selling property type, Zoopla said, suggesting families are keeping the market buoyant despite recent interest rate hikes and rising inflation.

House price growth eased slightly to 7.8% in January from 8% in December. Sarah Coles of fundshop Hargreaves Lansdown, however, said this level of growth was unlikely to last.

“It’s likely to be a short-lived phenomenon as buyers come under increasing pressure,” Ms Coles said. “Even if they decide they can take the interest rate hikes in December and February on the chin, the price hike may be enough to dampen their enthusiasm.

The average house price across the country is now £244,100, an increase of around £80,000 over the past decade, Zoopla said.

The choice of homes for sale has also started to increase, with new listings standing 5% above the five-year average.

The number of three- and four-bed single-family homes hitting the market in particular has increased over the year, Zoopla said. Three-bedroom homes have remained the most sought-after properties in the country.

Zoopla’s Grainne Gilmore said: ‘The level of activity in the market in recent years has eroded the stock of homes for sale.

“But more homes are now coming to market, which will create more choice for the many active buyers in the market.

“However, the imbalance between strong demand and supply will take much longer to resolve, and this imbalance will continue to support prices in the year ahead.”

Ms Gilmore said she expected the rate of house price growth to slow over the year as mortgage rates rise and the rising cost of living curbs the rise prices.

“Overall, we expect average price growth of 3.5% by the end of the year,” she added.

Penny D. Jackson