Property portal Zoopla say sales agreed are running 1% up on the same time last year despite buyer demand being 10% down; the first positive sales agreed figure of 2026.
As the property market moves toward toward the busy Summer season Zoopla said “browsers and those sensitive to higher borrowing costs” were less active in the market, while committed movers of all types continued to agree to buy homes.
The trend demonstrates the resilience of the market added Zoopla. This is not the first time demand has fallen sharply while sales have held firm. It happened after the 2022 mini-budget and again ahead of the Autumn Budget in 2025. On both occasions sales proved more resilient than demand, although warned with fewer buyers than a year ago the outlook remains finely balanced
Recent house price indices from Halifax, Nationwide and the government’s own data has shown a broadly flat market as far as pricing is concerned reflecting a 3.4 increase in the number of properties coming to market and a fall in demand; more houses and fewer buyers places pressure on competitive pricing.
Zoopla’s own data shows UK house price inflation has edged up to 1.5%, in part driven by first time buyers buoyed by changes to mortgage affordability testing which have made more homes accessible, supporting both sales and house price growth. First-time buyers account for over a third of all sales each year and when this group seeks to spend more for homes, it creates upward pressure on entry-level prices that feeds through the whole market.
Across the North of England, Scotland and Wales prices are rising at 2% to 3.6%, with improved mortgage affordability having the greatest impact in these more affordable markets where there is a scarcity of homes for sale.
The London market has seen an 8% increase in sales against last year, though with 13% more homes for sale, buyers retain real negotiating power and price inflation in the capital is set to remain “subdued” said Zoopla.
Commenting on the report, Richard Donnell, Executive Director at Zoopla, said: “We are in the peak months for home buyers making offers and agreeing sales. Despite fewer buyer enquiries than last year, more sales are being agreed as committed movers press ahead as mortgage rates drift lower. Many households are understandably cautious given the wider uncertainty.”
