House price growth has slowed to 1.6% year-on-year, down from 1.9% at the end of last year, as buyer interest cools and the number of homes for sale continues to expand, the latest figures from Zoopla shows.

According to the data provided by the property portal, estate agents have 34 sales listings per branch, on average, more than double 2022’s pandemic low. Meanwhile, sales agreed are 6% higher year-on-year.

UK house price growth losing momentum as estate agency stock rises – Property Industry Eye

Industry reactions:

Tom Bill, head of UK residential research at Knight Frank commented: “Supply has risen more quickly than demand in recent months, which has put downwards pressure on house prices. The stamp duty cliff edge put off some prospective buyers but we expect demand to catch up now there is a level playing field and the weather is improving. The tariff turbulence may also help because the Bank of England is expected to cut rates more proactively to support the economy, which means Donald Trump has made UK mortgages slightly cheaper.”

Toby Leek, president of NAEA Propertymark, commented: “Improved two-year mortgage products, greater borrowing power and sustained confidence are all playing key roles in helping raise the number of homes for sale and boost overall momentum within the housing market.

“Alongside the fact that the spring and summer months are proven to be historically busier times of the year, many of those who are waiting in the wings due to riding out current global economic uncertainty and the continued journey in interest rates cooling may be finding it difficult to resist the broad range of properties available coupled with their improved financial status.”

Adam Feather, a director at Robert Anthony Estate Agents, stated: “The latest house price figures show the market holding steady, but with clear signs that price growth is slowing as the outlook remains mixed. Regional differences are stark and affordability pressures have not gone away. But if mortgage rates continue to ease and confidence builds, the housing market could continue to defy expectations.

Martin Fishwick, senior partner at Jordan Fishwick, added: “After an extraordinary March where many buyers and solicitors on their behalf were anxiously keen to secure their purchase prior to the stamp duty increases, the market has inevitably calmed somewhat in the North West. However, there is still momentum from buyers given the significant rise in rents currently available and the more attractive mortgage rates on offer.

“Typically, we experience a more consistent market than the serious peaks and troughs seen in the South East and in London. Thus, we can be reasonably optimistic notwithstanding the obvious unpredictable financial climate overall that house prices may still increase, but to a modest level in 2025/26.”