Homebuyers, spurred by more accessible mortgage rates and a backlog of demand, are flocking to the market in droves, marking an 11% increase in demand over the same period last year, according to the latest figures from Zoopla.

This uplift isn’t confined to any single region; it’s a UK-wide phenomenon. Yet, it’s London that’s stealing the spotlight, showing the most significant increase in buyer interest, a notable shift for a market that’s been playing catch-up for the better part of a decade.

London Leads the Charge

For seven long years, London’s property market trailed behind the rest of the UK, burdened by affordability issues that dampened growth. In a startling reveal by Zoopla, the value of flats in the capital has seen a modest 13% rise since 2016. This figure pales in comparison to the national average, with UK house prices soaring by 33%—and even more staggeringly, by up to 50% in regions like Wales.

Sales Soaring Across the Board

It’s not just about increased interest; it’s translating into tangible sales. Zoopla’s data indicates a surge in sales agreements across all corners of the UK, with a more than 10% increase in six regions alone, including London, the South East, and Yorkshire and the Humber.

Despite this uptick, the pace of sales has decelerated slightly compared to the frenetic days of the pandemic. In 2023, the average property took 34 days from listing to sale agreement, a slowdown from the rapid 20 days observed in 2022.

A Balanced Market at Last

This burgeoning activity brings with it a sense of equilibrium between buyers and sellers, a balance that’s been elusive for the past three years. While London and the South East are seeing the longest sales periods, up to 40 days, Scotland and the North East are experiencing the quickest sales, with properties being snapped up in as little as 20 to 30 days.

Zoopla’s outlook is optimistic, predicting that this revived activity will persist in the coming months. The property market, at long last, appears to be finding its footing, promising a more balanced playing field for both buyers and sellers.

In Conclusion

The early months of this year have brought a refreshing vitality to the UK property market, driven by increased buyer demand and a more balanced dynamic between those looking to sell and those eager to buy. With London leading the resurgence and sales climbing across the nation, the market is well-positioned for continued growth and stability.