Zoopla: Average Estate Agent Has 31 Homes for Sale, UK Market Sees Highest Supply in 8 Years

The UK property market is experiencing a surge in supply, with Zoopla reporting that the average estate agent now has 31 homes for sale, the highest level in eight years. The total value of houses on the market stands at £230bn ($293bn), the highest in eight years, signifying a surge in confidence among homeowners.

According to Zoopla’s executive director Richard Donnell, this increase in supply is due to homeowners regaining confidence after delaying moving decisions in 2023. Sales agreed are up 13% year on year, with a significant portion of homes for sale being new to the market.

Despite the upcoming snap general election in July, Zoopla believes that the property market will remain stable, with 392,000 homes in the sales pipeline set to complete in 2024. The announcement of the election may slow the pace of new sales agreements, but the increased choice for buyers will help keep house prices in check throughout the year.

While house prices are falling in certain areas such as coastal cities and those that saw a surge during the pandemic, prices are rising in cities with below-average house prices. This trend is attributed to the impact of higher mortgage rates being less pronounced in these areas.

Overall, the UK property market is expected to remain stable in 2024, with a slight dip in the total number of sales but prices remaining relatively steady. Homeowners looking to sell are advised to price their homes realistically to achieve a sale in the current market conditions.