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The UK housing market shows signs of a strong recovery, with an increase in the number of agreed sales in the first two months of the year. According to data from property data provider TwentyCi, the number of sales subject to contract rose by 23% in February compared to the same month last year.

In January, 86,000 sales were agreed, marking a 23% increase from January 2023 and a 0.9% increase from January 2019. This upward trend indicates a robust market, despite previous concerns.

Colin Bradshaw, the chief executive of TwentyCi, commented on the positive outlook, stating that “the market is looking pretty robust, in spite of all the naysayers.” The increase in mortgage approvals and a rise in Nationwide’s house price index further support the notion of a recovering housing market.

However, there are still challenges ahead for homeowners, as many will face higher mortgage rates when their fixed-rate deals expire. The average rate for two-year fixed deals has fallen to 5.8% this week from 6.39% but remains significantly higher than the 2.65% average rate in July 2022.

Despite these challenges, Zoopla’s recent housing market report forecasts a strong year ahead, with sales agreed up by 15% compared to last year. The property site expects 1.1 million homes to be sold in 2024, a 10% increase from the previous year.

Overall, the housing market has proven to be resilient to higher mortgage rates and cost of living pressures, as buyers and sellers navigate through the recovering market. Stay informed with free updates from the UK property market to make the most of the current opportunities.