More buy to let properties are being put on the sales market, despite the strength in the lettings sector, says Zoopla.

In its latest snapshot of the sales marker, the portal says that the proportion of homes listed for sale that were previously available for rent has risen to eight per cent across the UK.

This is up from a UK-wide figure of three per cent two years ago. 

The current proportion reaches 13 per cent in London. 

Part of the problem, inevitably, is that landlords have been tempted by the soaring capital appreciation of their portfolios.

Zoopla says average UK house prices up £17,508 since the start of the pandemic, and now has hit a typical £235,000.

This is the highest average UK house price on record, and follows a consistent six month average increase of £44 per day; this acceleration in growth is up from £30 per day in the six months prior.

Since February of this year, value increases have ranged from £64 per day in the South East and £63 per day in the South West, to £24 per day in the North East. This equates to almost £12,000 growth for the two southern regions – almost triple that achieved by the North East.

Meanwhile, average house prices are up £23,357 in Cambridge since March 2020, whereas they have fallen by £2,600 in Aberdeen over the same period.

The sales market is continuing to move at its quickest pace for the past five years with the time between listing a property and agreeing a sale consistently averaging under 30 days each month since May. Typically, time to sell would be over 40 days at this time of year. 

Additionally, buyer demand is still 35 per cent higher than average levels recorded over the last five years. 

In London, buyer demand is up 14 per cent over the past month, albeit with demand for houses up 25 per cent and demand for flats rising a mere six per cent.