Zoopla has estimated that house sales in the UK in 2024 will increase by 10% year-on-year, predicting the number of sales to reach 1.1 million.

The group’s latest house price index (HPI) revealed that the number of sales agreed in the year to February 2024 jumped by 15% year-on-year, with the North East (17%) and London (16%) leading the way.

The number of homes for sale increased by 21% in the same period, while buyer demand has also increased by 11% in the year to February 2024.

Furthermore, the rate of UK house price inflation has slowed to -0.5%, which is an increase on the low of -1.4% in October 2023.

Zoopla said that this is a trend that has been recorded across all regions of the UK.

Executive director at Zoopla, Richard Donnell, said: "The housing market has proved very resilient to higher mortgage rates and cost of living pressures. More sales and more sellers shows growing confidence amongst households and evidence that 4-5% mortgage rates are not a barrier to improving market conditions.

"The momentum in new sales being agreed has been building for the last five months and the sales market is on track for 1.1 million sales over 2024 supported by new sellers coming to the market. While sales are set to increase we don’t expect house price growth to accelerate further in 2024."

Across the UK, seven regions saw an annual increase in their respective average house prices, with six seeing a decline.

Northern Ireland (4.3%) and Scotland (2.2%) recorded the highest increases, with the East of England (-2.1) and the South East (-1.9%) seeing the largest drop in average prices.

London and Wales saw changes of -0.8% and 0.3% respectively.

Head of personal finance at Hargreaves Lansdown, Sarah Coles, added: "The picture varies a great deal across the country. Unfortunately for many, it’s still grim down south. In the south, excluding London, we’re seeing the impact of relentless eye-watering price rises over the past few years.

"As a result, affordability is a major problem, and we’re still seeing asking prices drop significantly. London is an exception, because prices didn't rise as far or as fast as elsewhere in the south, so incomes have caught up a bit. It’s one of the strongest areas for sales right now. The rest of the country has seen prices rise over the past few years, just not quite so steeply or as high, so falls have been more limited.

"Looking further ahead, the strength of the economy will be key. Even when we’re out of the recession, a combination of meagre business investment and low consumer confidence is likely to bring headwinds for economy and the property market."

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