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Homebuyers in Hastings benefit from huge increase in supply

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05/02/2019
The number of homes on the market in the seaside town has trebled in the last month
Homebuyers in Hastings benefit from huge increase in supply

New property listings trebled in Hastings in January (a 212.1% rise) and were up 191.7% in Southend and 178.3% in Torquay, said HouseSimple.com.

The online estate agent reported a huge boost in supply in some parts of the country, including in the capital.

New properties listed in Bromley in January, for example, were up 270.6% on December. Three other London boroughs, Havering, Redbridge and Barnet, saw new listings double last month.

Sam Mitchell, CEO of HouseSimple.com, said: “We would normally expect to see activity pick up in the New Year, but no-one was quite sure how sellers and buyers would react to the amplified Brexit uncertainty in January.

“In the end, it proved to be a busy month for sellers in particular, and even with the distraction of the Commons vote mid-month, homeowners were keen to make up for lost time.”

Overall supply

Overall, new properties for sale in January were up 64% on December, increasing from 31,825 to 52,207 homes on the market.

New stock in London increased significantly last month, up by 70.6% to 21,677 versus 12,709 in December.

Mitchell added: “We are seeing a ‘life goes on’ attitude amongst homeowners, and many view the current political climate as an opportunity to market and secure a sale while there is less competition around.

“It’ll be interesting to see how the next few months pans out. If the odds improve on a Brexit deal, we could see a cavalry charge of sellers putting their homes on the market. What we won’t necessarily see is an immediate surge in buyers, and savvy sellers may see this period of Brexit limbo as the perfect opportunity to market and have the pick of the buyers out there.”

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