The highest supply of homes for sale in eight years

The UK is experiencing the highest supply of residential property for sale in eight years – and greater choice for buyers should keep house prices in check for the remainder of 2024.

Research carried out by property portal Zoopla shows the growth in supply has been driven by a rebound in the number of homes with over three bedrooms.

This comes as existing owners return to the market and feel more confident to move.

The average estate agent office has had 31 properties for sale, compared to 26 properties this time last year, according to the portal.

While most homes for sale are new to the market, 31 per cent were marketed in 2023.

Rising mortgage rates saw demand weaken, but homeowners have now returned to the market to seek a home move.

This increase in the supply of homes for sale boosts choice for buyers and is expected to keep house price growth in check over the rest of 2024.

Sales agreed are up 13 per cent year on year, but across most regions the growth in new homes for sale is outpacing the growth in the number of sales being agreed.

The general election is expected to have a modest impact on housing market activity.

There are currently 392,000 homes in the sales pipeline working their way through to completion over 2024.

An increase in fall-throughs is unlikely due to the election as there is not a huge divide in policy between the two main parties.

Richard Donnell, executive director at Zoopla, said: “The growth in the supply of homes for sale is evidence of renewed confidence amongst homeowners, some of whom delayed moving decisions in 2023.

“The quarterly rate of house price inflation has picked up in recent months as more sales are agreed and prices firm.

“The announcement of the election will slow the pace at which new sales are agreed while greater choice for buyers will keep house prices in check over 2024.

“It is essential that those serious about moving in 2024 price their homes realistically if they want to achieve a sale.”