Zoopla: Buyer demand already ahead of early 2023

Buyer demand and new sales at the start of 2024 are already ahead of equivalent 2023 levels, Zoopla.

Figures from the portal have revealed that buyer demand in 2024 so far is tracking 14% ahead of early 2023 and new sales agreed are up 16% compared to the first week of last year. 

In a boost for agents, Zoopla said vendor leads increased by 128% between Christmas Eve and Christmas Day and remain 175% higher two weeks after the portal’s latest marketing campaign launch on 25 December.

This so-called ‘pre-Boxing Day bounce’ saw 11,500 properties listed on Zoopla on 26 December. 

Zoopla said it will be continuing to support this buyer interest and drive leads for agents with its marketing campaign which will continue to run until 28 February.  Upcoming TV spots for Zoopla’s ad include Dancing on Ice, Love Island All Stars and upcoming Premier League games. 

The property website said it will also be delivering additional market information and locally tailored messaging to 50 local authorities via Facebook, Instagram and YouTube - driving consumers directly to local listings pages on Zoopla.

Nikki Cole, director of national sales at Zoopla, said: “We’re very pleased with the immediate impact our marketing campaign has generated for agents - with the boost in vendor leads seen on Christmas Day a clear indicator of this. 

“We’re doing everything we can to support agents to maximise this positive sentiment in the market - be it delivering high-quality leads, arming them with best-in-class insights from our research team, or ensuring our products deliver strong results.” 

This sentiment was echoed by Chestertons, which attributed lower mortgage costs and easing inflation to 20% more people starting their property search in December compared with December 2022, while 24% more offers for properties were submitted.

David Rees, research analyst at Chestertons, said: “House hunters often utilise the holiday season to really focus on their property search and the falling interest rates appeared to give buyers more confidence to enter the market in December. This is good news for the market, but it’s important to remember that despite this uplift, there are still far fewer buyers than there were before the Bank of England started raising interest rates.”