Why the property market in Yorkshire appears to be perking up for Spring

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The latest report from property portal Zoopla shows that housing market activity has improved in the first quarter of 2024, including in sales activity, house price growth and the supply of homes for sale, which is a fifth higher than last year.

Zoopla’s house price index shows that new sales agreed are nine per cent higher than a year ago, with seven per cent more sales agreed compared with the first quarter of 2023. This trend is encouraging more sellers to list their homes for sale and there are now 20 per cent more homes for sale compared to this time last year. Rates now at 4.4 per cent for a 75 per cent loan to value mortgage on a five-year fix rate deal have helped as they are down by over one per cent from a high of 5.

” Robert Gardiner, Nationwide’s chief economist, says: With cost-of-living pressures easing as inflation moves back towards target, consumer sentiment is improving. Surveyors report a pickup in new buyer enquiries and new instructions to sell in recent months. “Moreover, with income growth continuing to outpace house price growth by a healthy margin, housing affordability is improving, albeit gradually.

 

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