Supply boost as property listings hit two-year high
September saw the highest number of new sellers listing their homes for sale in any month over the last two years, according to HouseSimple.com.
The online estate agent said that the number of properties listed rose by 20.2% in September compared to August, as buyers shrug off the Brexit blues.
In London the rise was even higher, with a jump of 44.4% in properties listed for sale in the capital.
Every borough saw a double digit rise in new listings last month. Hammersmith and Fulham, which has seen some of biggest falls in house prices of any borough over the past few months, has seen a deluge of new sellers in September. Listings were up almost three quarters (72.5%) last month compared to August.
Kensington and Chelsea saw an even bigger hike in new property listings, more than doubling (108.5%) in September compared to August.
The biggest hike in supply across the country was in Oxford, where the number of homes up for sale rocketed by 71%, followed by Torquay which saw a 59.8% leap.
Two thirds (65.6%) of towns and cities saw an increase in the number of new properties taken on by estate agents, with the top five biggest risers in September all in the south of the country.
Some areas did see a fall in the number of homes put on the market. In Luton , property supply plummeted by 48% in September, and West Bromwich recorded a 29.2% fall.
Alex Gosling, CEO of HouseSimple.com, said: “A lack of property supply has been a major issue for some time now, so it was important that September wasn’t a complete washout. Although there was a big rise in new property listings last month, we’ll have to wait and see if this pick-up is nothing out of the ordinary after the summer lull in activity, or if sellers have finally got the bit between their teeth.”
“Property prices have remained reassuringly stable and that has probably given sellers the confidence boost they needed to re-engage with the market.”