Zoopla's latest analysis of the mortgage and housing markets delivers a nuanced verdict: buyers are returning to the market in meaningfully greater numbers, but they are doing so with considerably less firepower than they had two years ago. Buyer demand has risen sharply compared with the subdued conditions of late 2023, yet the average amount buyers can borrow has been squeezed by a mortgage market still adjusting to a higher-rate environment. For an industry that spent much of the past 18 months anxiously watching transaction volumes stall, the return of demand is unambiguously positive news. But the accompanying erosion of purchasing power carries significant implications for pricing, product mix, and regional performance that investors and developers cannot afford to ignore.