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The supply of homes for sale is up 20% on the same period last year, with £230bn worth of homes on the market, Zoopla revealed.
Currently, real estate agents are selling an average of 31 homes, the highest number in the past eight years.
With UK house price inflation averaging -0.1%, increased supply is likely to keep house price growth in check.
Richard Donnell, executive director at Zoopla, said: “The increasing supply of homes for sale is evidence of renewed confidence among homeowners, some of whom have postponed their decision to move until 2023.”
“Quarterly home price inflation has risen in recent months as home sales commitments have increased and prices have stabilised.
“The election announcement will slow the pace of new sales agreements, but increased options for buyers will help keep home prices in check through 2024.”
“For anyone seriously considering moving in 2024, realistic pricing is essential if they want to make the sale a reality.”
Currently, there is a north-south disparity in terms of house price increases, with house prices falling in the south and rising slowly in the north.
At a city level, the highest house price increases were in Belfast (+3.6%), Burnley (+2.5%) and Bolton (2.4%), while the largest house price falls were in Ipswich (-3%), Hastings (-2.7%) and Norwich (-2.4%).
The increase in supply is due to an increase in three- and four-bedroom homes for sale.
Agreed sales volumes are up 13 percent from the same period last year but still lag behind rising supply.
Due to the general election in early July, activity is expected to slow moderately until the 4th of July.
“Increased supply is one of the reasons why UK house price growth will remain in the low single digits this year,” said Tom Bill, head of UK housing research at Knight Frank.
“However, the main obstacle for buyers is persistent servicing inflation which is keeping mortgage rates high.
“So the asking price needs to reflect the fact that buyers have more options and tighter budgets.”
“General elections don’t tend to have an impact on the mainstream property market and anyone trying to predict what house prices will do going forward would be well advised to look closely at the upcoming inflation data rather than the manifesto.”