Househunters have their pick, as homes for sale rocket
New homes for sale across the UK rose by 40% in January, according to HouseSimple.com.
The online estate agent said that 10% of towns saw new property listings more than double last month, while nearly half (48%) of UK towns and cities saw new listings up at least 50%.
This rise isn’t a huge shock given the time of year, as the property market traditionally sees a rush of homeowners marketing their properties in the New Year.
But the supply boost has been biggest than usual in 2018.
Only six towns across the UK saw fewer new sellers marketing in January than listed their properties in December.
Supply soars in London
London saw a huge increase in new sellers in January, with every borough in the capital seeing more new property listings compared to December.
New property supply was up a whopping 78.7% in January, and a fifth of London boroughs saw new seller numbers double last month, with property listings up 118.7% in Hillingdon and 117.3% in Bromley.
Across the regions, the south saw the biggest gains in new sellers in January, with five out of the top 10 biggest risers in January. Solihull, in the West Midlands, registered the largest percentage of new property listings last month, up almost 150% on December.
Sam Mitchell, CEO of HouseSimple.com, said: “After 2017 ended with a whimper, the property market has enjoyed a much-needed New Year bounce in new supply.
“This boost does need to be put into context though, as new listings are still at very low levels. The market desperately needs a few more healthy months to fill the supply reservoir.”