House price growth showed signs of slowing, according to a leading property website.
New listings were 5% higher than the five-year average during the month, signalling the start of a recovery in supply says Zoopla.
The increase in homes coming on to the market was seen across all property types, including much in demand three and four-bedroom detached family homes, according to our latest House Price Index.
But despite the rise, demand continues to outpace supply, putting further upward pressure on house prices, although that rate of increase is starting to slow.
The average UK home now costs £244,100, after increasing by around £80,000 during the past decade.
House prices rose by 7.8% in the year to the end of January.
But there are signs that the rate of growth is slowing, with property values edging ahead by just 0.9% in the past three months, the slowest growth since August 2020.
There also continues to be significant variation in price growth by both region and property type.
Wales saw the highest increases for the 11th consecutive month, with property values rising by 11.7% in the past year, followed by the South West at 9.7% and the North West and East Midlands, both at 9.2%.
London continued to lag behind other regions, with the average cost of a property rising by just 3.1% during the same period.
On a more localised level, house price growth ranged from an increase of 16.6% in Powys in Wales, to a fall of 2.2% in the City of London.
Family homes are in particularly high demand, with three-bedroom properties outside of London typically taking just 23 days to sell – half the time two-bedroom flats in London take to go under offer.
Grainne Gilmore, head of research at Zoopla, said: “The sheer level of activity in the market in recent years eroded the stock of homes for sale. But the data indicates that more homes are now coming to the market, as movers and other owners list their properties – and this will create more choice for the many buyers active in the market.
“However, the imbalance between high demand and supply will take much longer to unwind, and this imbalance will continue to underpin pricing in the coming year.”
