There are more prospective house buyers in the UK right now than there has been in the last two years.

That’s the findings from the latest Propertymark report. The estate agents’ membership body says the number of buyers per branch totals 96 individuals, couples or families.

It also found that property sales were around 10% higher this summer than the same period in 2023. Other findings from the report include a £5,618 rise in the value of property in England over the past 12 months. The number of mortgages granted is also on the rise.

Another report, this time by the government’s Office of National Statistics showed the value of the average UK property in September this year was £292,000. That’s a yearly increase of 2.9%. 

All property types increased in value

All types of property had increased in value over the past 12 months. Detached were sitting at an average cost of £470,000. The average semi-detached was £298,000 (with a jump 3.4% over the past year, that proved the biggest increase). The average terraced property came in at around £257,000, while a flat or maisonette was typically worth around £254,000.     

The average cost of property for a first-time buyer in September was £259,000 – although that’s an increase of 2.9% over the past year, it’s a drop of 0.2% from August. The typical cost of a New Build property in July this year was £250,000 – that’s a whopping 22.8% higher on the previous year’s price.

Analysts point to reversal of the Stamp Duty discounts in April spurring potential buyers on now. They also attribute the higher figures to a fall in mortgage interest rates this year. Some lenders are even suggesting there may be another Bank of England base rate cut when the figure comes up for scrutiny again in December.

Nathan Emerson, Propertymark CEO says she is confident of the increased activity in the market continuing.

“With more appetite from buyers comes more homes coming onto the market, so we expect to see activity accelerate over the coming months moving into 2025,” she said.