The housing market in the United Kingdom continues to see steady levels of sales, although weakening demand and increased uncertainty linked to events in the Middle East are impacting activity.
In its latest update this week, property website Zoopla said that agreed sales are holding up but that buyer demand has weakened in March, with higher borrowing costs and economic uncertainty impacting confidence. “There are fewer buyers overall than last year, but those still active tend to be more committed and better prepared to proceed,” said the company.
Zoopla reported that the number of homes for sale is 6% higher than a year ago, with a sizeable amount of activity coming from less mortgage-rate-sensitive buyers. Around a quarter of sales are cash purchases, highlighting that the market is becoming more reliant on a smaller pool of committed buyers.