Huge increase in new properties on the market in September
PUBLISHED: 15:05 06 October 2017
More sellers listed their properties in September than in any other month in the last two years, according to latest research.
New listings were up by a fifth (20.2 per cent) compared to August, according to the latest Property Supply Index compiled by online estate agents HouseSimple.com.
The Index analysed new properties marketed in more than 100 major UK towns and cities and found that the biggest supply increase was in Oxford (71 per cent), while the largest drop was in Luton (48 per cent).
New property supply throughout the capital increased by 44.4 per cent, while Kensington and Chelsea was the London borough with the biggest increase in listings – 108.5 per cent.
St Albans wasn’t included in the study, but Stevenage saw a 13 per cent increase in supply in September (though August saw new property listings fall 15.9 per cent from July).
Country-wide, two thirds (65.6 per cent) of towns and cities saw an increase in the number of new properties taken on by estate agents in September compared to the previous month.
Alex Gosling, CEO of HouseSimple.com, said: “Although there was a big rise in new property listings last month, 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. Although we are still no clearer as to how a post-Brexit Britain might look, enough time has passed since Article 50 was triggered, and the country hasn’t plummeted into recession.
“Property prices have remained reassuringly stable and that has probably given sellers the confidence boost they needed to re-engage with the market.”