Between April and June, the number of £500,000-plus homes going on sale was 30 per cent higher than the same period last year.
The figures, from Experian’s latest Quarterly Property Index, also show that houses for sale in the second highest price band (£250,000 to £500,000) climbed 16 per cent over the last year. For both price bands, this is the highest level since 2010.
Overall, the number of properties entering the market for the quarter increased by 9.6 per cent on the same period last year, led by the north east where entries were up 25.6 per cent.
The north east also continued to see the most affordable properties (less than £100,000) entering the market – up by 33.6 per cent.
Experian’s Jonathan Westley said that thanks to rising house prices, homeowners may have made reasonable capital gains on their properties, especially if they were seeking to move up the housing ladder.
The figures implied it was now second- or third-time buyers who were more active in the housing market, he said.
But he also pointed out that 59 per cent of UK properties were still valued under £250,000, according to the index, so those with smaller budgets did have options.
“The challenge for people wanting to secure a mortgage is showing themselves in the best possible light to lenders; i.e. applicants who can afford the long-term commitment, especially with an interest rate rise looming.
“Lenders have just as an important role to play ensuring they are not making decisions that could see a person fall into debt in the future. The more information they can source to fully understand a person’s individual circumstances, such as property information, the fairer the decision they can make about granting a mortgage.”
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