57% of towns and cities see decline in property supply despite overall growth

New data has revealed that property supply in towns and cities rose in April for the fifth month in a row.

However, whilst the HouseSimple index showed that last month saw the overall number of new marketed properties grow by 0.8%, the majority of places – 57% – experienced a drop in supply.

Growth year on year is significantly stronger, with the data indicating that new property listings in April were 43.8% higher than those observed at the same time in 2017.

At a rise of 98.3%, Huntingdon saw the most significant rise in supply last month, with Dundee behind at an increase of 40.3%.

AT the other end of the scale, the largest decline in supply was seen in Durham, with marketed properties down by 37.6%. This was closely followed by Lichfield and Chichester, with falls of 34.3% and 33% respectively.

Commenting on the figures was Sam Mitchell. The chief executive officer at HouseSimple said: ‘Although we haven’t seen a significant Spring bounce to date, supply has been moving in the right direction since the start of the year. And we are seeing completely different Spring conditions to last year, when Article 50 disrupted the market, and sellers stalled on listing their properties until they had a clearer economic picture.

‘We are expecting to see strong seller activity in May and June. Buyers are showing real intent to purchase, especially with no sign of an interest rate rise in the immediate future and some extremely competitive mortgage deals on offer.’

Today's Conveyancer