Boost in property supply with London leading the way
The number of homes for sale rose by 18.1% in September across major UK towns and cities, rising from 61,472 properties on the market in August to 72,593 in September, said HouseSimple.com.
The online estate agent admitted that some of this hike was down to the usual seasonal bounce following the school holidays, but it noted that the number of new properties marketed was also up 6.2% compared to September 2017.
London saw a massive 45.5% increase in new listings in September, more than twice the UK average, after falls in July and August. This marked the highest level of new supply coming to the market in the capital in any single month since pre-2015.
Every London borough saw at least a 20% rise in new property supply in September, with Kensington & Chelsea recording a huge 96.1% increase in new listings last month.
Sam Mitchell, CEO of HouseSimple.com, said: “It was one of the hottest summers on record and buyer and seller activity inevitably dropped off in July and August. But come September, it was very much business as usual. We saw a healthy level of new properties being listed last month, in what is traditionally a busy period for estate agents.
“It’s interesting to note that seller numbers are rising faster in London than anywhere else in the country. Understandably, a lot of homeowners were choosing to wait, hoping that prices would recover quickly. Now that doesn’t appear likely, the need to move is the priority. They don’t want to wait any longer and they know this is a good time to sell with plenty of motivated buyers.”