House prices likely to rise more slowly than household incomes, says Zoopla
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We expect house price inflation to remain muted, likely to rise more slowly than household incomes over the next one to two years.” Zoopla said the average house price is around £264,900 – but according to its calculations, the affordable price is £245,200 – making the average home nearly £20,000 over-valued. Its report said: “It is positive that sales are rising despite higher borrowing costs and shows more realism on the part of sellers and renewed, cautious confidence amongst buyers.” The over-valuation in property prices seen towards the end of 2023 and early 2024 is less severe than in the run-up to the financial crisis in the late 2000s and the late 1980s housing market “bubble”, Zoopla said. Its report said: “Faster wage growth over the last three years has boosted household disposable incomes and helped offset some of the impact of higher mortgage rates.” Richard Donnell, executive director at Zoopla, said: “The housing market continues to adjust to higher borrowing costs through modest house price falls and rising incomes. “Given that mortgage rates will steadily reduce as services inflation comes under control, we expect UK house prices to rise by 3% this year.” Matt Thompson, head of sales at estate agent Chestertons said: “We are now in the last days of the typically busy spring market and are seeing a bounce in buyer activity.
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