Zoopla said the level of enquiries from aspiring homeowners over the last week had fallen, as many paused buying plans.
Enquiries also fell across other purchase categories, Zoopla said.
The number of sales agreed declined by 10.5% in the week to 8 November, which the firm said meant there would be more homes available to purchase. This was reflected in its data, which showed a 9% year-on-year rise in available properties.
Zoopla said that first-time buyers who were still in the market and ready to purchase had sufficient options, as the number of two-bed houses for sale, typically selected by new homeowners, rose 14% annually. Further, there was a 13% increase in the number of houses priced below £200,000, pointing to more affordable options.
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Supply-sales gap in Southern England
The data showed that South England had a notable rise in the number of homes for sale coinciding with a drop in sales. The gap was widest in the South East, with 12% more homes up for sale and 16% fewer agreed sales. House prices in the region have also fallen by 0.6%.
Supply rose by 17% in the East of England, alongside an 8% fall in agreed sales and a 0.5% drop in house prices. Similarly, the South West recorded a 12% rise in homes for sale and a 0.4% fall in house prices.
By contrast, Northern England continues to see rising house prices, increasing by 3.2% in the North West and 2.4% in the North East. However, agreed sales are lower than last year’s levels.
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% |
-7.6% |
|
North East |
+2.4% |
+0.1% |
-23.5% |
|
South West |
-0.4% |
+12.3% |
-8.8% |
|
East Midlands |
+1% |
+8.3% |
-11.6% |
|
West Midlands |
+1.5% |
+10.7% |
-7.9% |
|
Wales |
+2% |
+1.9% |
-16.2% |
|
North West |
+3.2% |
+0.2% |
-16.4% |
|
London |
-1% |
+6% |
-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
Richard Donnell, executive director at Zoopla, said: “First-time buyers are the engine of the housing market, accounting for four in 10 sales last year. 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.
“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.”
