Owning a home in the UK is now cheaper than renting due to falling mortgage rates, leading to a 25% year-over-year increase in home sales.

Zoopla reports that owning a home in the UK is now cheaper than renting, driven by falling mortgage rates. Home sales surged 25% year-over-year, with first-time buyers expected to represent 36% of transactions in 2024. The housing market has 306,000 homes in the sales pipeline, the highest since 2020. While house prices saw a slight increase, landlords selling could raise rents, impacting low-income renters. Economic factors are critical for a robust housing market.

October 28, 2024
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