More than one in five homes listed for sale have been sitting on the market for more than six months without a buyer snapping them up, according to analysis by a property website.
Zoopla said that 22 per cent of homes listed for sale have been on the market for over six months and remain unsold.
Its report said: “Many sellers have a price in mind that they want to secure a sale for their home, or a price they need to achieve in order to unlock their next home move.”
They may eventually get their price but “may have to wait a long time to achieve it”, the report cautioned.
Sellers may have to balance achieving a specific price against a timely sale, it added.
House price growth is cooling as more homes are put on the market, the website said.
The average estate agent has 37 homes for sale, compared to 32 last year.
House price inflation is lower in higher-value markets, with modest price falls being seen typically in areas with home values over £500,000, the report said. These markets account for eight per cent of UK homes, Zoopla added.
The report said there is a “clear link” between house price inflation and the change in the number of homes for sale over the past year.
In London, the South East and South West regions of England the number of homes for sale has jumped compared with a year ago, with house prices “barely rising”, Zoopla said.
In contrast, northern England regions, the West Midlands and Scotland have registered a smaller increase in supply, creating an element of scarcity and driving above-average price growth, it added.
Zoopla said that house prices across the UK generally increased by 1.4 per cent annually in May.
The report said: “Home values are currently increasing fastest, at over 3.5 per cent per annum, in parts of the North West of England and Scotland, specifically Wigan (WN), Falkirk (FK) and Blackburn (BB) postal areas.”
Meanwhile, prices have fallen by more than one per cent over the past year in the west central London (WC) and west London (W) postal areas, alongside Torquay (TQ) and Truro (TR) areas in the South West, the report said.
It added: “In addition to affordability factors, tax and policy changes aimed at second homeowners and landlords are leading to weaker demand and more sales by these owners, which is compounding the impact on house price growth at a localised level.”
Richard Donnell, executive director at Zoopla, said: “The number of buyers and sellers agreeing home sales continues to increase year-on-year, demonstrating a continued desire of more households to move home in 2025. Improving mortgage affordability will support buying power in the second half of the year.
“However, buyers remain price-sensitive, especially in higher-value markets where the number of homes for sale has grown the most in the last year, boosting choice for home buyers. Serious sellers need to be realistic on where they set their asking price in order to achieve a sale and secure a home move in 2025.
“The market remains on track for five per cent more sales in 2025 but house price inflation will remain between one per cent and two per cent.”
Sarah Cartlidge, branch manager at Fraser Reeves estate agent based in the North West of England, said: “We’re always keen to emphasise to prospective vendors that they do need to price positively and realistically from the get-go, in order to secure a good buyer in good time, and to make the best first impression possible when their property hits the market.
“We know that any property can sell for the right price, taking into account the local competition and the particular characteristics of each individual home.”
