Is the dream of selling your home and cashing in on a booming market over? That’s the warning from property experts, who say there are now too many houses up for grabs and not enough buyers.

Despite some positive signs for the market recently, with inflation easing and hopes of interest rate cuts on the horizon, the number of homes up for sale is outpacing demand, according to Home, a leading property market analyst. This mismatch is creating a bottleneck in the market, putting the brakes on runaway price rises.

The latest figures paint a stark picture for anyone hoping to sell up quickly. The number of unsold homes in England and Wales shot up by almost 10,000 last month alone, reaching a whopping 485,269 – the highest June figure in a decade!

But it’s not all doom and gloom. While the average asking price only inched up by a tiny 0.5% last month, it’s the fifth monthly rise in a row. Plus, across England and Wales, prices are neck and neck with where they were last summer.

However, a closer look at the figures reveals a tale of two markets. Northern regions are enjoying decent price growth, with the North West leading the pack, boasting a healthy 3.8% increase over the past year. In contrast, the East of England is feeling the pinch, with prices down 1.5% compared to this time last year.

Home doesn’t hold back, pointing the finger at the Bank of England’s “sloth-like” response to the changing market. They argue that until interest rates come down, making mortgages cheaper, we’re unlikely to see any significant shifts in prices.

Despite all of this, there are still some glimmers of hope for sellers. Properties are shifting off the market at a similar pace to 2019, with the average home finding a buyer in just under seven days. Plus, there’s been a 14% surge in new properties coming onto the market compared to last May, suggesting that, despite the challenges, people still have confidence in the market.