Buyer demand has increased by 11% this month compared to February last year, driven by falling mortgage rates and pent-up activity, the latest analysis from Zoopla suggests.
Demand, measured by the number of would-be buyers contacting agents about properties listed on Zoopla, rose across all parts of the UK, but it was strongest in London followed by the North East and North West.
Zoopla says that stretched affordability in the capital has meant that the housing market has lagged behind the rest of the UK for the past seven years.
Its figures show that average value of a flat is just 13% higher than in 2016, whereas across the UK as a whole values are up by 33% over that time and in Wales they are up by 50%.
However, Zoopla points to an increase in the number of sales agreed – up by more than a fifth on this time last year – as a sign that the health of the wider UK housing market is improving.
There has been a rise in sales agreed across all regions and countries of the UK and an increase of at least 10% in six regions including London, the South East and Yorkshire and Humber.
In another positive sign for competition in the market, the average number of days it takes from a property being listed to agreeing a sale subject to contract has reduced slightly from 34 days last year to 33 days currently.
