Market activity resilient in the face of economic headwinds.
One-off pandemic impacts have continued to support the desire to move, and sales volumes in H1 which are 10% down on last year.
Total sales set to exceed our Zoopla’s original projections – They expect 1.3 million sales completions in 2022, 100,000 higher than forecast.
More activity means the rate of price growth will not slow as fast as they expected, even if there were sharp drop in demand.
Zoopla expects house prices to end the year 5% higher over 2022. We expect Fife to be higher.
The market is not immune from higher borrowing costs. Levels of activity will slow faster over Q3 and into Q4. The scale of the slowdown will depend upon how high mortgage rates rise.