Homes for sale at seven year high as landlords flood the market
Almost half a million properties were put on the market between April and June this year, according to data firm TwentyCi.
The 493,500 total was 26,000 more than during the same period last year, and the highest number in any three-month window since 2018.
The glut of homes for sale is being caused in part by landlords looking to sell up.
The latest market survey by the Royal Institution of Chartered Surveyors (Rics) suggests landlords are heading for the exit amid higher interest rates, increasing regulation and the upcoming Renters' Rights Bill.
The closely-watched monthly survey takes the temperature of Rics members - estate agents and chartered surveyors - and gives a snapshot of what is happening on the ground in the property market across the country.
'We're certainly seeing a big upturn in landlords looking to exit the market before the Renter's Rights Act comes into force, said Will Ravenhill, a Rics member in Leicester.
Meanwhile, Howard Davis, a Rics member based in Bristol said this would 'in time make rental properties more expensive for tenants' because of 'less supply and increased demand.'
Are homes on the market selling?
Despite the glut of homes on the market, there has been an 8.7 per cent drop in the number of confirmed sales compared to the same period last year according to TwentyCi.
This could be attributed to the first three months of 2025 seeing a frenzied rush from buyers aiming to complete before 31 March, which marked the end of the temporary stamp duty tax relief introduced in September 2022.
'The stamp duty changes in April cast a shadow over the market as brought-forward demand evaporated,' said Alex Bannister, independent board advisor at TwentyCi.
'Nevertheless, peering through the fog of data, you can make out a market which remains buoyant, with mortgage approvals for house purchases up in May.
'While house prices have flattened in the last few months, they are still up over 2 per cent on a year ago.
'Prospective homebuyers remain largely employed, getting pay rises and renting remains an unattractive alternative. Steady as she goes appears to be the order of the day for the UK housing market.'
Where are the hottest housing markets?
Manchester recorded the highest increase in demand of any major city between April and June, compared with the same period in 2024, according to TwentyCi.
It found the number of sold subject to contract listings rose by 15 per cent in the city, followed by Cardiff at 11 and Edinburgh at 11 per cent respectively.
Birmingham has also seen the number of listing showing as sold jump by 10 per cent year-on-year while Nottingham has seen sold listings rise 8 per cent.
Demand rose across all major cities throughout April to June except for inner London, where demand dropped by 3.6 per cent.
According to TwentyCi, the capital is becoming 'decoupled' from the rest of the UK housing market.
Colin Bradshaw, chief executive of TwentyCi, said: 'Inner London properties are typically more expensive and tend to be financed through larger mortgages. Despite recent reductions, borrowing costs remain high, making affordability an issue.
'Demographically, many inner London homeowners are wealthier and less pressured to sell. If they can't achieve their desired price, they're choosing to withdraw from the market, reducing transaction volumes.
'Furthermore, the March 2025 reversal of temporary stamp duty reliefs has cooled demand, especially for high-value properties, which now incur significantly higher taxes.'
How to find a new mortgage
Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.
Buy-to-let landlords should also act as soon as they can.
Quick mortgage finder links with This is Money's partner L&C
> Mortgage rates calculator
> Find the right mortgage for you
What if I need to remortgage?
Borrowers should compare rates, speak to a mortgage broker and be prepared to act.
Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.
Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.
Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone.
What if I am buying a home?
Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.
What about buy-to-let landlords
Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages.
This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.
Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.
If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with This is Money and L&C
Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
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