There is more evidence of a “buyers market” in the latest report from property portal Zoopla which suggests the gap between the number of sales and the number of properties available to buy is widening across the country.
The portal reports a 10.5% decrease in the number of sales agreed year on year; resulting in a 9% increase in the number of properties available to buy.
The gap between supply and sales is particularly pronounced in southern England aid Zoopla, while the south east has the widest gap, with homes for sale up 12% and sales agreed down 16% year on year.
In the east of England, supply has increased 17% while sales agreed are down 8%. In the south west the number of homes for sale is up 12%.
The real terms impact of higher mortgage rates is less pronounced in the north, suggest Zoopla where supply remains “broadly unchanged” although sales agreed remain below last year’s levels.
Table 1: Regional housing market trends: prices, supply and sales
| Region | Annual house price change | Annual change in homes for sale | Annual change in sales agreed |
| South East | -0.6% | +12.4% | -16.2% |
| East of England | -0.5% | +17.0% | -7.6% |
| North East | +2.4% | +0.1% | -23.5% |
| South West | -0.4% | +12.3% | -8.8% |
| East Midlands | +1.0% | +8.3% | -11.6% |
| West Midlands | +1.5% | +10.7% | -7.9% |
| Wales | +2.0% | +1.9% | -16.2% |
| North West | +3.2% | +0.2% | -16.4% |
| London | -1.0% | +6.0% | -6.1% |
| Yorkshire and the Humber | +1.3% | +3.6% | -7.3% |
| Scotland | +2.5% | +5.5% | +1.4% |
| UK | +0.8% | +8.6% | -10.5% |
Source: Zoopla 2026
One of the key issues according to the portal’s analysis is the fall in first time buyer demand which slumped in the wake of the Bank of England’s base rate rise. There were 27% fewer enquiries for homes in the last week compared to the same period last year as buyers paused buying decisions said Zoopla.
First time buyers made up nearly four in 10 sales last year said Richard Donnell, Executive Director at Zoopla. Describing them as the “engine of the housing market” he added higher mortgage rates have reduced the buying power of all buyers by an average of 15% compared to the start of the year
“Higher mortgage rates over the year have reflected expectations of further increases in the base rate, with the Bank of England decision last week making more buyers pause and wait” said Donnell.
“The good news for those ready to move is that there are more homes to choose from, particularly at the more affordable end of the market. Sellers need to recognise that buyers have more choice and pricing realistically is increasingly important.”
