Britain’s
supply
of
homes
for
sale
is
at
its
highest
point
in
eight
years,
according
to
research,
in
a
trend
experts
say
will
limit
house
price
rises
for
the
rest
of
2024.
Zoopla,
the
property
website,
said
the
average
estate
agent
has
31
homes
for
sale,
up
20%
on
the
same
point
last
year
and
the
highest
number
since
2016.
The
statistic
equates
to
about
£230
billion-worth
of
homes
on
offer,
as
sellers
continue
returning
to
the
housing
market
in
growing
numbers.
Many
existing
homeowners
delayed
moving
decisions
in
the
second
half
of
last
year,
Zoopla
said,
as
the
impact
of
higher
borrowing
costs
on
house
prices
and
buyer
demand
knocked
confidence.
Just
below
one-third
of
homes
for
sale
were
also
listed
for
sale
in
2023
but
failed
to
find
a
buyer.
But
an
expected
fall
in
mortgage
rates
this
year,
combined
with
rising
sales
volumes
over
the
last
six
months,
has
boosted
sentiment.
Experts
think
the
Bank
of
England
is
now
likely
to
cut
interest
rates
in
the
coming
months,
after
headline
inflation
eased
to
2.3%
in
the
12
months
to
April
2024,
down
from
3.2%
in
the
12
months
to
March.
The
number
of
house
sales
agreed
also
rose
by
13%
since
this
point
last
year,
but
stayed
behind
the
level
of
supply
–
giving
buyers
the
pick
of
the
market.
The
trend
is
expected
to
keep
house
price
inflation
in
check.
Zoopla’s
latest
index
found
yearly
house
price
inflation
is
minus
0.1%,
meaning
prices
have
fallen
slightly
over
the
last
12
months.
There
has
been
an
increase
in
house
price
inflation
over
the
last
quarter,
at
0.4%
up,
in
response
to
more
sales
and
firmer
pricing,
but
this
quarterly
growth
rate
has
slowed
over
the
last
month.
The
property
website
said
it
expects
inflation
to
be
flat
for
the
year.
Richard
Donnell,
executive
director
at
Zoopla,
says:
“the
growth
in
the
supply
of
homes
for
sale
is
evidence
of
renewed
confidence
amongst
homeowners,
some
of
whom
delayed
moving
decisions
in
2023.
“The
quarterly
rate
of
house
price
inflation
has
picked
up
in
recent
months
as
more
sales
are
agreed
and
prices
firm.
“The
announcement
of
the
election
will
slow
the
pace
at
which
new
sales
are
agreed
while
greater
choice
for
buyers
will
keep
house
prices
in
check
over
2024.
“It’s
essential
that
those
serious
about
moving
in
2024
price
their
homes
realistically
if
they
want
to
achieve
a
sale.”
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