The UK has seen its largest increase in property supply in two years as more homeowners decide now is the right time to move, according to the latest property Supply Index compiled by online estate agent HouseSimple.com. The latest figures available show September up by 20.2% nationwide compared with August.
To compile the figures HouseSimple.com analysed new properties marketed in more than 100 major UK towns and cities. Homeowners appear to have shaken off the Brexit blues as the number of new properties listed in September was the highest it has been in any single month since pre-2016.
Two thirds (65.6%) of towns and cities saw an increase in the number of new properties taken on by estate agents in September vs August, with new listings up 71.0% in Oxford and 59.8% in Torquay. The top five biggest supply risers in September were all in the south of the country. However, the biggest faller was also in the South, with new property supply in Luton down by almost a half (48.0%) in September.
The following table shows the ten UK towns and cities that saw the biggest rises in new property listings in September 2017 vs August 2017:
The following table shows the ten UK towns and cities that saw the biggest falls in new property listings in September 2017 vs August 2017:
In London, new property supply rose an astonishing 44.4% in September vs August, with every borough seeing a double digit rise in new listings. Hammersmith and Fulham, which has seen some of the biggest falls in house prices of any borough over the past few months, has seen a deluge of new sellers in September with listings up by almost three quarters (72.5%).
Alex Gosling, CEO of HouseSimple.com, said: “A lack of property supply has been a major issue for some time now, so it was important that September wasn’t a complete washout. Although there was a big rise in new property listings we’ll have to wait and see if this pick-up is nothing out of the ordinary after the summer lull in activity, or if sellers have finally got the bit between their teeth. It feels like home sellers have had the post-Brexit, post-General Election blues and maybe September is the first sign that they have shaken them off.”