UK home sellers bring more properties to market, Rightmove says

BRITAIN'S red-hot property market may be about to cool after a 24 per cent jump in the number of prospective sellers bringing homes to market.

The listing website Rightmove said the appraisals that estate agents are doing have reached the highest level since January. It said there's been a 14 per cent survey in homes coming onto the market in the past 2 weeks alone.

The figures strengthen the case for a slowdown in the market, which so far has defied a recession and the pandemic to deliver a record surge in the cost of buying a new home. Lenders and estate agents have turned more gloomy in recent weeks, anticipating a squeeze on living costs and higher borrowing costs will weigh on the market. Now, it appears the supply of homes is about to loosen.

"We have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year," said Tim Bannister, Rightmove's director of property science. "Now we are seeing signs of some of the pressure on stock easing too."

Bannister remains optimistic the market isn't about to crash, noting that demand for new homes outweighs supply. He advised sellers to list their homes before buying a new one to smooth the process.

"The high number of valuation requests we've recorded is a positive sign of more potential choice to come," said Bannister. BLOOMBERG



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