The number of properties for sale in the UK has risen for the fifth month in a row, with stock levels now 145% higher than in January 2008, according to FindaProperty.com.
The supply of properties on the market is 35% higher than in January and in the month post election, 9% more properties have been put up for sale.
Research from FindaProperty.com’s latest House Prices and Affordability Index suggests that recovering prices, the scrapping of HIPs and worries over changes to Capital Gains Tax have convinced would be sellers to market their properties. Despite the increase in property for sale, prices have also risen in June. The average home is now priced at £220,308, up 0.3% when compared to average prices in May (£219,748). On an annual basis prices are nearly 2% higher than in June 2009.
FindaProperty.com claims the rise in both prices and stock levels can be attributed to demand outstripping the increased number of properties for sale.
Despite having the largest rise in average prices in May, the East of England was the only region in the UK to record falling prices in June (down 0.5%). The largest rise was in Wales (+0.7%) with average prices now standing at £171,772.
Nigel Lewis, property analyst at FindaProperty.com, said: “We’ve seen a flood of sales properties come onto the market this month. And that is in no small part due to the scrapping of HIPs according to our findings