Highest number of homes on the market in eight years, Zoopla says

The latest Zoopla house price index indicates that there are more homes for sale now than in the past eight years.

In addition, Zoopla reports that the total value of homes on the market this month is 25% higher than during the same period last year.

Currently, there is £230bn worth of housing on the market, which is a quarter higher than a year ago.

The rise in the value of homes for sale is partly due to the increased supply of three and four-bedroom family homes, following a shortage during the pandemic.

The average house price in the UK is £264,300 as of April 2024. Average property prices have remained the same month-on-month and have fallen by 0.1% or £210 in cash terms compared to a year ago.

Sales volumes have increased, with the number of homes sold being 13% higher than this time last year.

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However, this varies by region, as sales agreed in the North East have grown by 22%, while in Wales, they have only increased by 1%.

According to Zoopla, the general election announcement “is likely to stall the pace at which new sales are agreed in the coming weeks”.

However, there are currently 392,000 homes in the sales pipeline, progressing towards completion in 2024. 

This represents a 3% increase compared to this time last year, and Zoopla anticipates that buyers already in the process of progressing to sales completions will not withdraw.

Nonetheless, those earlier on in the buying process may look to delay decisions until the autumn after the election is over.

The property website’s analysis noted: “Overall, we don’t see the election having as big an impact as in previous years, particularly as there is not a huge divide in policy between the two main parties.”

It added: “There are also few specifics on housing, other than a focus on reforming the private rental sector and boosting housing supply”.

Zoopla stated that businesses and landlords will want to see concrete plans from all political parties for how we can boost housing supply across all tenures, while “getting the right reforms into the private rented sector to ensure we maintain supply while giving renters more protections”.

Richard Donnell, executive director of research at Zoopla, said: “There is a record high supply of homes for sale which shows renewed confidence among sellers, many of whom are also buyers. Greater choice will keep prices in check over 2024. The general election is likely to dampen the number of sales agreed in the run-up to summer.”