Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
UK House Price Growth Slows as Sales Drop 9%, Reports Zoopla
UK house price growth has slowed to 1.3%, with sales agreed now 9% below last year’s level, according to Zoopla data reported by Property118. The report attributes the slowdown to higher mortgage rates and political uncertainty.
The summer slowdown in the housing market has been sharper than usual across most of the UK. Zoopla notes that the North East is the only region to buck this trend, with sales not following the national decline.
For letting agents and inventory clerks, these market conditions may impact transaction volumes and the pace of new tenancies. The reported figures highlight the importance of monitoring regional differences, as the North East currently stands out from the broader national pattern.
Source: Property118