The imbalance between supply and demand in the housing market showed signs of slowing in January, according to property website Zoopla. The month saw a 5% increase in the number of new properties being listed for sale.
There are more homes coming to the market across all property types, including three and four-bedroom houses, previously in highest demand.
House prices rose by 7.8% in the year to the end of January. However, Zoopla says the rate of growth is slowing, with property prices up by just 0.9% in the past three months, the slowest growth since August 2020.
The property portal also highlights big regional differences in house prices across the UK. The biggest rises were seen in Wales, where the average cost of a home rose by 11.7% in a year. In London as a whole the average rise was 3.1% during the same period, with a 2.2% fall in prices for the City of London.
Price rises for houses were significantly higher than for flats, with an average 9.1% increase for a semi-detached property in the year compared to a 2.6% average gain for flats.
Buying and selling at the same time?
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While more properties are coming to the market, demand is still high with 2022 seeing the busiest January and February since 2016. The number of sales agreed also equalled those at the start of 2021, when the stamp duty holiday was still in place.
However, the portal says that the increase in supply suggests a likely return to more normal market conditions. Grainne Gilmore, head of research at Zoopla, said:
“The sheer level of activity in the market in recent years eroded the stock of homes for sale. But the data indicates that more homes are now coming to the market, as movers and other owners list their properties – and this will create more choice for the many buyers active in the market. However, the imbalance between high demand and supply will take much longer to unwind, and this imbalance will continue to underpin pricing in the coming year.”
Read more about this story on the Zoopla website.
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