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Low supply and high demand create a sellers' market.
The number of properties for sale has fallen to its lowest level for more than 6 years and is forecast to remain low well into next year, according to Zoopla's latest House Price Index.
Data gathered by the property portal shows that the housing market faces an acute shortage of homes for sale as the supply of properties fails to keep pace with the current buying frenzy.
One in 20 homes changed hands during the past year driven by the stamp duty holiday and the pandemic-induced search for space, according to Zoopla's latest UK House Price Index.
The number of homes being put up for sale is failing to replenish those that are sold, however, leading to an acute shortage of stock.
The mismatch between supply and demand has created a sellers’ market, particularly for 3 and 4-bedroom family homes, which is pushing up house prices because homeowners can command the top price for their properties.
The pace of the market is also accelerating, with homes taking an average of just 26 days to sell, nearly half the 49 days they took in 2019, as a growing number of buyers compete for limited properties.