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Home»UK Property»UK property supply hits eight-year high
UK Property

UK property supply hits eight-year high

May 29, 20246 Mins Read


There are more homes for sale now than at any point over the past eight years but almost a third are from sellers relisting their property, Zoopla data suggests.

Home buyers have been deterred from the housing market in recent months due to high mortgage rates but as inflation starts to settle and hopes of an interest rate cut rise, buyers and sellers appear more confident.

Zoopla’s latest House Price Index suggests supply is rising, making it a good time for those looking to buy a property and it could even ensure house prices remain affordable.

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The property website’s research suggests that as of 19 May, the level of property stock for sale is up 20% annually and 25% higher in value terms.

Sales agreed are also running 13% higher than this time last year, suggesting that buyers are taking advantage of recent mortgage rate cuts.

Supply is growing faster, according to Zoopla, boosting choice for home buyers.

Richard Donnell, executive director at Zoopla, suggests that the extra supply will keep house price growth low and adds that the general election is unlikely to have a major impact on the property market.