Value of UK homes sold doubles to nearly £150bn in early 2021

Nearly £150bn-worth of home sales took place across the UK in the first 15 weeks of this year, according to a property website.

The £149bn total of sales recorded represents nearly double the value of homes sold subject to contract in the same period in 2020 and 2019, Zoopla said.

The research also found that strong activity is eroding the supply of homes available.

It said the total number of homes on the market and not yet under offer was around 30% down in early April compared with average levels during more “normal” times between 2017 and 2019.

Three and four bedroom houses have recorded a particularly sharp fall in supply.

Listings of four-bedroom homes for sale are down year-on-year across the UK – by 58% in Scotland, and in England by 44% in the South West, 42% in the North West and 40% in the South East, according to the research.

There is a risk the lack of family houses for sale will limit sales growth in the second half of 2021, Zoopla added.

Glasgow, Bristol, Nottingham, Stoke and Middlesbrough are particularly busy sales markets generally, it said.

Meanwhile, Manchester, Liverpool, Leeds, Nottingham and Leicester are registering particularly strong house price growth of more than 5% year-on-year.

A new 5% deposit mortgage scheme, backed by the Government, was launched last week to give first-time buyers a boost.

Grainne Gilmore, head of research at Zoopla said: “More flexible working arrangements open up new opportunities for home owners to move to a further-flung location.

“At the same time, the rollout of the 95% mortgage guarantee will mean more demand from first-time buyers, fuelling demand without replenishing supply.”