British real estate portal Zoopla said that after skyrocketing, the house prices have started to slow down. Data from the property portal showed that average house prices in April hit £250,200, marking an annual inflation rate of 8.4% compared to 9% in March. And Zoopla forecasts that annual house price inflation will fall to +3% by the end of the year.
More than one-in-20 homes had its asking price slashed in April by an average of 9% or £22,500 – the widest discount margin seen for the last 18 months – while properties for sale are remaining on the market for longer.
The average time a three-bedroom property is taking to sell increased to 18 days in April, up from 16 days in March. In London the increase was greater – from 17 days to 21 days.
Gráinne Gilmore, head of research at Zoopla said that, while current high levels of buyer demand is causing the market to move quickly, selling times will steadily increase as demand levels start to fall due to “changing sentiment around the cost of living and personal finances.”
The property market remains strongest in Wales in April for the 15th consecutive month, with house prices 11.6% up on last year, while annual growth in London is slowest at 3.6%, according to Zoopla, which bases its data on a combination of sold prices, mortgage valuations and agreed sales.
