The number of homes for sale on the UK property market has risen in the past year in spite of falling house prices, as owners become more confident in the stability of the mortgage market and sellers show greater “realism” on prices, according to property website Zoopla.
The company's monthly survey showed there were an average of 25 homes being offered per estate agent in March, up from 14 for the same month last year, a rise of 78%.
Zoopla said that, despite demand for homes being lower than it was a year ago, improved choice and realism among sellers is helping to drive sales.
The website tracks the first asking price and agreed selling price for many house sales.
Demand, measured as people making active inquiries on a property, was down 43% on last year, but the number of sales subject to contract fell by only 16%.
The report showed house sellers are accepting price discounts averaging 4% or £14,000 on average.
In the report, Richard Donnell, executive director at Zoopla, said: "The housing market is arguably more balanced than it has been for more than three years.
"Levels of supply have recovered and buyers and sellers are not miles apart on where they see pricing and this means deals are being agreed at an increasing rate.
"Pricing levels are adjusting downwards compared to a year ago but fears of a major downturn in prices are overdone. Falling mortgage rates and a strong labour market are supporting activity levels from committed movers who need to be realistic on price if they are serious about moving home in 2023."