Zoopla Reports Surging Number of Homes for Sale as Sellers Return to Market

Zoopla, the property website, has reported a significant increase in the number of homes being listed for sale by estate agents. According to their data, the average estate agent now has 31 homes for sale, a 20% increase from the same time last year and the highest number since 2016.

This surge in supply equates to approximately £230 billion-worth of homes on offer, as more sellers are returning to the housing market. Many existing homeowners had delayed their moving decisions in the second half of last year due to concerns about higher borrowing costs affecting house prices and buyer demand.

Interestingly, nearly one-third of the homes currently for sale were also listed in 2023 but failed to find a buyer, indicating a renewed confidence among sellers in the current market conditions. Experts believe that the expected fall in mortgage rates this year, combined with rising sales volumes in recent months, has contributed to this boost in sentiment.

Furthermore, with the Bank of England likely to cut interest rates in the near future and house sales agreements on the rise, buyers are expected to have a wide selection of properties to choose from. This trend is forecasted to keep house price inflation in check, with Zoopla’s latest index showing a slight decrease in prices over the past year.

Richard Donnell, executive director at Zoopla, emphasized the importance of realistic pricing for homeowners looking to sell their properties in 2024. He stated that the upcoming election may slow down the pace of new sales agreements, but the increased choice for buyers will help to maintain stable house prices throughout the year.

Overall, the growth in the supply of homes for sale is seen as a positive sign of renewed confidence in the housing market, with experts predicting a steady and balanced market for buyers and sellers in the coming months.