2021 set for biggest sales volumes since 2007

This year will see the largest number of annual house sales since 2007, according to Zoopla.

The property portal’s latest house price index said the market is on track to record 1.5m sales in 2021.

This is the highest level since 2007, Zoopla said. The total value of new sales agreed is expected to be £473bn, a 3.9% increase on the £378bn recorded in 2020.

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House price growth is currently running at 6.6% a year and Zoopla says there is unlikely to be a ‘cliff-edge’ with high demand continuing into early 2022.

However, Zoopla predicts that the market will start to slow next year due to higher living costs and increased mortgage rates, with overall house price growth falling to 3% and total annual sales dropping by a fifth to 1.2m.

Richard Donnell, executive director at Zoopla, said: “2021 is set to be a record year for the housing market with the most moves by homeowners since 2007 and nearly £500bn of home sales. The impact of the pandemic on the housing market has further to run but at a less frenetic pace.”