Property industry figures have responded to the latest Zoopla House Price Index, which points to a recovery in buyer activity following the summer slowdown.
Buyer searches have risen 7% year-on-year over the past four weeks, despite households being able to borrow 9% less than at the start of 2026. Sales agreed remain 6% below last year’s level, although Zoopla says the gap is starting to narrow as mortgage rates stabilise.
Valuation Trends in the Housing Market 2023 – Property Industry Eye
Industry reactions:
Tom Bill, head of UK residential research at Knight Frank: “The autumn bounce in housing market activity should be more noticeable than it was in the spring, but that’s not a particularly high bar. Many mortgage rates are a percentage point higher than they were before the Middle East conflict began earlier this year, but rates appear to have stabilised. Another important factor is that the Budget rumour mill is quieter than last summer, which has encouraged people to act. If tax speculation increases from September, that could sap momentum from the market.”
Nathan Emerson, CEO at Propertymark: “These figures suggest buyers are beginning to re-engage with the housing market after a quieter summer, with searches up across every region. But renewed interest should not be mistaken for a full recovery in transactions just yet.
“Affordability remains the key constraint. Higher mortgage rates are reducing buying power, while the additional £18,200 deposit needed to maintain repayments highlights the particular challenge facing first-time buyers.
“More homes available for sale is positive, giving buyers greater choice and helping keep price growth in check. But the regional picture remains mixed, reinforcing that the housing market is not one-size-fits-all.
“Local expertise will be crucial this autumn, helping buyers understand what they can realistically afford and ensuring sellers price their homes appropriately. The return of demand is encouraging, but affordability remains the biggest barrier to a sustainable recovery.”
Adam Feather, Managing director of Robert Anthony Estate Agents: “The uptick in buyer activity is encouraging and reflects what we are beginning to see on the ground. After a relatively subdued summer, more buyers are actively searching for property and making enquiries as we approach the traditionally busier autumn market.
“Affordability remains a constraint, particularly given the increase in mortgage rates since the start of the year. Buyers are therefore more price-conscious and taking longer to assess their options, but importantly they haven’t disappeared from the market.
“With more stock available, buyers have greater choice and sellers need to be realistic on price. If mortgage rates remain relatively stable, we would expect the improvement in buyer activity to translate into more viewings and agreed sales during September and October.”
Nicky Stevenson, managing director of Fine & Country, comments: “The most interesting part of today’s Zoopla data isn’t that annual house price growth has slowed, but that buyer interest appears to be turning a corner.
“After an unusually quiet summer, a 7% year-on-year increase in people searching for homes suggests buyers are beginning to re-engage with the market. Crucially, this increase is being seen across every region, which points to a broader shift in sentiment rather than a recovery confined to a handful of stronger markets.
“There is still a significant gap between looking and buying. Higher mortgage rates, affordability constraints and economic uncertainty mean many of these prospective buyers will take their time before committing. But in a market where confidence has been fragile, the return of people actively researching their next move is a positive early signal.
“For sellers, the message is more nuanced. Buyers have more choice than they did a year ago, with overall stock up 5%, so simply putting a property on the market is no guarantee of a quick sale. The days of optimistic pricing testing the market are becoming increasingly difficult. Properties that are correctly priced from day one, are much more likely to generate interest and stand out against the competition.
“The fundamentals also suggest there is a floor beneath the market. Transaction levels remain relatively resilient and mortgage availability has improved, while some lenders have started cutting rates. If borrowing costs continue to edge lower, even gradually, that could unlock some of the demand currently sitting on the sidelines.
“The big question now is whether that renewed search activity converts into offers and sales. If it does, we could see a healthier autumn market, but I expect competition for buyers to keep price growth modest and make local market knowledge, realistic pricing and good advice more important than ever.”
