Double-digit rise in property supply in February
New property listings in February were up 11% on January, from 52,207 to 57,992, said HouseSimple, as home sellers across the country continued to market their properties despite Brexit woes.
The online estate agent said vendors are ‘undeterred by uncertainty around the UK’s exit from the EU’.
Three towns saw new stock levels rise by more than 50% in February.
Huddersfield (56.8%) and York (50.6%), both in Yorkshire, saw some of the biggest increases, a reflection of the strong regional property markets in this area of the country.
High Wycombe in the South East also experience a big boost in property supply (54.5%)
Property stock levels were up 8.1% across the capital in February. Only three boroughs (Bexley, Newham and Kingston upon Thames) saw a drop in new property listings in February vs January.
However, new stock coming onto the market last month was 15% down on the comparable month in 2018.
Sam Mitchell, CEO of Housesimple, said: “Seller activity picked up in February as we head towards the traditionally busy spring period. Brexit uncertainty is feeding through to some areas of the country, particularly in and around London, where transaction levels have dropped off compared to the same time last year, but that’s not the picture everywhere.
“We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue, such as Yorkshire and the North West. The impact on future market sentiment and outlook will vary depending on whether we get a deal or a no-deal Brexit, so it’s no surprise that savvy buyers are also looking to get deals done and lock in the best rates before the banks reconsider their mortgage offers.”