Sales agreed and demand for property continues apace

Given the rise in mortgage rates, the housing market has been strong over the last year says Zoopla’s latest property index. There are a relatively small number of people struggling to pay their mortgage and falling into arrears despite wider cost of living pressures and unemployment has stayed low by historic standards.

Demand for property is running at 6% and sales agreed at 8% both higher than last year. Halifax also reports that house prices have stayed relatively flat for the third successive month in June. Annually, house prices have grown year-on-year for the seventh consecutive month, with the average UK property value now standing at £288,455. Stock shortages continues to underpin higher prices.