House sales spike 25% on back of lower interest rates

House sales jumped in September as lower mortgage rates boosted the market, according to a property website.

- VICKY SHAW

The number of sales being agreed across the UK in recent weeks is 25 per cent higher than a year ago, Zoopla said. Its market activity data compared the four weeks to 22 September with the same period a year earlier.

More stock is also coming to market – and nearly a third (32 per cent) of homes for sale on Zoopla are being advertised as “chain free”. Coastal and rural areas including Truro in Cornwall and Torquay in Devon have more homes for sale than average, in a sign that second homeowners are looking to offload properties, Zoopla said.

The site suggested that the growing number of homes for sale is a sign of increased confidence among sellers, including homeowners looking to move as mortgage rates edge down. Investors and second homeowners may also be selling up in response to tax changes and speculation around possible further changes in the autumn Budget, Zoopla suggested.

The most common “chain-free” homes are two-bedroom houses, with 41 per cent currently listed as chain-free on Zoopla. Previously-rented homes account for 13 per cent of homes for sale on Zoopla. The website said affordability continues to constrain house price growth, particularly in southern England.