Zoopla's latest data reveals that housing supply is up by 16% with buyers continuing to pay close to asking prices.

UK house prices are currently over-valued by an average of 8%. However, rising incomes are set to tame this figure before the year is out, according to Zoopla's latest analysis.

Despite the fall in rental growth, demand remains high with 15 prospective tenants on average competing for every property.

The current supply of homes for sale is 20% higher than this time last year, with £230bn worth of housing for sale - a £45bn rise on this time last year.

The market is continuing to correct itself following the fallout from the Mini-Budget but is 'on track' for 1.1m sales this year - a 10% rise compared to last year.

Zoopla are forecasting a more balanced market for buyers and sellers this year driven by higher volumes of sales and stable house prices.

Zoopla predicts that the increase in sales market activity is likely to continue with a 10% rise in home sales expected during 2024 against 2023.

Zoopla says that the strong seasonal bounce back in sales market activity has been boosted by pent-up demand from the end of 2023 and mortgage rates dropping below 5%.

The final weeks of 2023 have recorded a 17% rise in new sales compared to the same time last year, according to the latest data released by Zoopla.

The UK is past ‘peak rental growth’ with rents for new lets easing over the last 12 months and a predicted further slowdown set pick-up speed over 2024, according to the...