15 Jul 2022

Zoopla research indicates housing market momentum 'turning down a gear'

BY John Gebbels  

After two years of escalating buyer demand, limited available stock and rising prices it now appears the dynamic is starting to shift. 

Metrics including time taken to sell a house, asking prices reductions, buyer demand and price growth have all been examined in recent research by Zoopla. Overall the results indicate a market starting to slow, although still with rising prices and healthy buyer demand. 

Grainne Gilmore, Head of Research for Zoopla comments: 

"On balance, rising base rates and the rising cost of living will start to offset the continuing demand/supply imbalance that is evident in the housing market through the second half of the year. House prices will still be rising, but at a much slower pace by the end of 2022, which we forecast to be around +3%. But for now, buyer demand is still high, and potential sellers should be moving to take advantage of this interest" 

John Gebbels, Founder of OXON Property Search comments: 

"In Oxfordshire we are starting to see a slight rise in available stock, which is causing the market to become increasingly price sensitive. Multiple buyer interest is still not uncommon, but sellers no longer have an absolute upper hand. It is no longer the case that buyers need to overpay just to stand a chance of securing a purchase. Accordingly we are advising and guiding our clients in more bullish offering strategies. This is encouraging for both home and buy to let purchasers, many of whom are starting again to look at expanding their portfolios after a two year hiatus" 

For the full Property Eye article including Zoopla's full report please follow the link below: