MONEY

Housing market ‘increasingly relying on a smaller pool of serious buyers’

Some early stage buyers are adopting a ‘wait and see approach’, Zoopla said.

By Evening Standard

• March 30, 2026 at 5:48 AM

Housing market ‘increasingly relying on a smaller pool of serious buyers’ Photo: Evening Standard

Zoopla said that agreed sales have fallen by 2% annually, with the market being supported by committed movers who already have mortgages agreed.

But sales agreed are flat or slightly higher in some parts of the UK, such as Wales , Yorkshire and the Humber and London, compared with last year, it said.

Buyer inquiries were 13% lower than a year ago as potential buyers adopt a more cautious, “wait and see” approach, Zoopla’s report said.

It said that buyer demand has been running below last year’s levels across the first three months of the year.

Zoopla said a significant proportion of transactions are also less sensitive to rising mortgage rates.

Overall, UK house price inflation is holding steady, with 1.3% annual growth.

Price growth is strongest in more affordable areas, with the north west of England recording an annual increase of 3.5%, Zoopla said.

Lenders have been scrambling to hike mortgage rates and withdraw some products amid changing expectations in the financial markets.

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Swap rates, which are used by lenders to price mortgages, have been rising.

Richard Donnell, executive director at Zoopla, said: “The market remains active, but becoming increasingly reliant on a smaller pool of serious buyers.

“Some early stage buyers are adopting a wait and see approach but there is a sizable group of committed buyers who are pressing ahead with housing purchases.”
Zoopla’s house price index measures the change in house prices where sales are agreed.

Data on sales agreed and buyer demand covers the four weeks to March 22 compared with a year earlier.

Its house price figures cover the period up to the end of February.

Here are annual house price changes, according to Zoopla: