Homes for sale hits five-year high

The number of homes coming onto the UK property market has surged to its highest level since 2010, new figures show.

Nearly 250,000 new properties were made available between April and June, up 3% on the same period last year, Experian says.

The figures will raise hopes that the shortage of homes for sale will ease, reducing the puts pressure on prices.

Experian's data also revealed the lack of affordable property on the market for first-time buyers and families on stretched incomes, especially in London.

Owners of high-end properties valued at more than £500,000 put their homes up for sale in increasing numbers.

Across the UK, the number of homes put up for sale in the £500,000 to £750,000 price band increased by 17%, while houses valued £750,000 plus increased by 5%.

In central London the increase was 18% in £500,000 to £750,000 properties, with a 25% increase in Greater London.

But there was a significant 44% decline in the number of new properties for sale between £100,000 and £250,000 in central London.

Just under 2,000 properties came onto the market in this price band. It was a similar story in the Greater London region, with a decrease of 25%, and a little over 1,500 newly-listed properties available.

Overall, the number of homes priced between £100,000 and £250,000 being put up for sale, and houses valued under £100,000, fell 3% and 2% respectively.

Andy Wills, data director at Experian Consumer Information Services, said: “As the housing squeeze continues to impact first and second time buyers, as well as growing families, putting yourself in good financial shape and having a strong credit score is vital to securing the mortgage you need.”