The number of properties on the market continues to grow overall, driven mainly by supply surges in the East, South East and South West, according to Home.co.uk’s July Asking Price Index.

The first regional supply surge occurred in Greater London, where the total stock for sale has now climbed to the ‘glut level’ last seen in Oct 2010. Hence, discounting of stock on the market has risen accordingly with slow-to-sell properties having their asking prices slashed.

In June, a total of £1.6bn was knocked off asking prices of properties on the market in England and Wales.

By way of contrast to the woes of the South, the northern regional property markets are thriving, as is Wales. These late-cycle regions are still showing vigorous price growth and falling Time on Market figures. In the North West, North East, Yorkshire and Wales supply is essentially static. However, soaring prices in the Midlands have triggered an uptick in supply and Time on Market is no longer falling.

Both the East and West Midlands are showing signs that they are coming to the end of their boom phase and prices look set to level out as supply continues to rise. Overall, supply of property for sale in the UK is up by 10% year-on-year while the total stock for sale has increased by 9.7%.