There are various ways we can use to track how the UK property market is performing.
One of the most common ones is house prices and how they are rising or falling. Rising prices mean that the market is performing well, while falling prices are usually a cause for concern.
The Land Registry’s UK House Price Index reports that prices rose by 6.3% annually from January 2023, the latest data available. This shows that the market is still going strong as prices are higher than in 2022.
A second way we can determine the health of the housing market is through the number of sales being agreed upon and completed.
Right now, sales are 11% higher than in 2019 according to Zoopla, which means more houses are being sold than four years ago. This is a good sign that there is a high demand for housing, which is good for the overall housing market.
Another way in which we can see how the housing market is performing is the number of properties for sale on the market.
Zoopla’s data indicates that 65% more homes are available on the market than in 2022, while estate agents have an average of 25 homes for sale compared to 14 last year.
This is great news as it means buyers have more choices when buying, so house prices will be more realistic and varied. It means the market is more likely to meet buyer demand as well, helping to stabilize the market after a crazy 2022.