Boost in property supply in March
Property supply across the country was up 3.7% in March compared to February, the third month in a row that new listings have increased, said HouseSimple.com.
But the online estate agent said that the UK figure excluding London was a much higher 10.3%, as the capital dragged down the overall level of supply, with new listings in March falling by 0.3%.
Overall property listings increased in more than three quarters (76%) of UK towns and cities in March, with two Scottish towns, Stirling and Dundee, seeing the biggest hikes in supply, up 87.8% and 70.9% respectively.
Drop in supply
Of the 25% of towns and cities that saw supply fall, Telford experienced the biggest drop in the number of new listings, down 23.3%. Barnsley and Warrington saw supply fall 13.9% and 12.1% respectively.
In London, Lewisham and Hounslow experienced the steepest drop off in property supply, with new listings falling 41.4% and 40%.
Alex Gosling, CEO of HouseSimple.com, said: “Although new listings were up in March, we’d have hoped to see more sellers, particularly in London, putting their homes on the market as we enter the Spring’s peak property selling season.
“We need a supply boost in April, because the demand from buyers remains strong and thanks to the continued competitive mortgage deals still on offer, they are more than committed to purchasing.”