UK Housing Market on Discount as Property Boom Slows Down, according to Zoopla

by Editor

Zoopla data states that while UK home prices reach new highs, there are at least some signs of cooling. More property owners give discounts to tempt buyers.

According to the property website, 1 in 20 homes posted on the online real estate platform has seen a price decrease since the second half of April. The average cost of a home reached a new high of 250,200 pounds in April, but the rate of monthly price increases has slowed since the beginning of the year.

In recent weeks, homes have also been taking a little longer to sell. According to Zoopla, in March, a three-bedroom property outside of London took an average of 18 days to sell. Three-bedroom homes in London took an average of 21 days to sell.

Home values continue to grow across the country. Economists and homeowners are watching for signals that the decade-long property value boom is coming to an end. A recession may be on the way, as rising expenses put pressure on consumer spending and business income. The International Monetary Fund says that the UK could have stagflation because prices are high and growth is slow.

The number of houses listed for sale was beginning to rise, with new listings up 7% from the five-year average in the four weeks leading up to May 22. Even so, over the past five years, the number of possible buyers has grown by 61%.

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