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Demand pushes house prices to £245k

Data from Zoopla shows that UK house prices have hit an average of £245,200, with this marking a year-on-year increase of 8.1%. The report shows that new listings of homes for sale rose 5% above the five-year average last month, with listings for sale across the average estate agency branch up 3.5% in the 28 days to March 20. The stock of homes available to buy was 42% below the five-year average, compared to 47% lower in December. It was also found that sales agreed in Q1 were up 38% compared to Q1 2020. While Zoopla says buyer demand remains "unseasonably strong", looking ahead, the firm’s head of research, Gráinne Gilmore, pointed to the “increased economic headwinds”, including the rising costs of living and increasing mortgage rates, saying these mean property price growth “will start to moderate as we move through the second half of 2022."

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