Sellers are increasingly coming back to the market, leading to there now being the highest number of available homes for sale in the last eight years. The average agent was found to have 31 homes for sale, which is up 20% annually. There is now £230 billion worth of properties on the market, 25% more than the same time last year.
Sales are starting to climb back to their long-term average, as agreed sales are up 13% on last year. But the number of homes for sale has grown faster than the rise in agreed sales, meaning the supply of available homes has been replenished, boosting choice for buyers. A more bountiful supply of available properties will support an increase in sales numbers, but it may also keep house price inflation this year modest, leading Zoopla to predict that house price growth will be fairly flat in 2024.
This lines up with many other property price growth forecasts that predict modest growth for this year and more healthy growth in the coming years.
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UK Property Market: North Keeps Outperforming South in Price Growth
