Property prices in the UK are rising at the fastest rate in 18 months, according to Halifax. But is a slowdown on the horizon thanks to rising supply?

The Halifax data revealed that the average property price now stands at £294,845, which represents a 6.8% rise of £18,849 since the start of the year. The increases so far this year can largely be attributed to the continuous imbalanced levels of supply and demand that have resulted in a severe inflation of prices.

However, new data from Rightmove has revealed that there has been a 24% jump in the number of prospective sellers bringing homes to the market, as estate agent appraisals have now reached the peak levels seen in January.

But there could be enough new demand to meet this rise in supply, according to a new study commissioned by Moveable, which found that 1-in-10 Brits are looking to remortgage their home in order to buy a second one – with this number rising to 1-in-5 for millennials.

Despite five consecutive interest-rate rises and the increased cost of living, buyer demand for properties clearly remains high. Also, the recent announcement that mortgage lenders will no longer have to check whether homeowners can afford mortgage payments at higher interest rates, as the Bank of England has withdrawn the affordability test requirement, will give housing demand a further boost as it will remove a considerable barrier for many aspiring homeowners.