The number of homes being snapped up is rocketing, thanks to lower mortgage rates.

New figures show that ‘sales subject to contract’ – where an offer has been accepted – shot up by a massive 23% in the last three months compared to the same period last year. That means 332,200 homes were in the process of being sold.

Every region in the UK saw more sales agreed, with the East of England and East Midlands leading the charge at 28% growth. Big cities like Southampton, Peterborough, and Birmingham also saw big jumps in buyer interest.

Lower mortgage rates, which mean cheaper monthly repayments, are the main driver behind this surge in activity. And, with the Bank of England keeping interest rates steady for now, experts reckon this property boom could continue into 2025.

More homes for sale than ever before:

Even better news for buyers is that there’s more choice too. In fact, there are more homes up for sale now than at any point in the last six years – a huge 456,902 to be precise! That’s a 9% increase compared to this time last year.

Asking prices are starting to cool:

The average asking price for a home in the UK is currently £436,000. While that’s a tiny bit higher than last year (just 0.4%), it’s actually £20,000 less than what sellers were asking for just three months ago. This could be a sign that house prices might finally be starting to cool down.

Sellers are getting realistic:

And there’s more good news for buyers. It seems like sellers are starting to get the message that they can’t ask for the moon anymore. Price reductions on property listings are up 8.6% compared to last year, with 38% of all homes sold in 2024 having had at least one price drop. So, there are bargains to be had for savvy buyers who are prepared to haggle!

What’s next for the housing market?

While things are looking rosy for the property market right now, experts believe the upcoming Budget from the Labour government could have a big impact on what happens next. Will it help the market to continue to grow, or could it throw a spanner in the works? We’ll have to wait and see…