March property supply up 43% on last year

New research has revealed that March saw new listings up by 43.3% in comparison to the correspondent month last year.

According to the property supply index put together by HouseSimple, on an annual basis, property listings in a number of UK towns also experienced a rise of 1.1%.

The compiled report indicates that the uplift could have be influenced by the UK’s decision to leave the EU; March last year saw the number of property listings drop by 27.7% month-on-month, potentially in part due to concerns and uncertainty surrounding the invoking of Article 50.

Looking at the cities and towns analysed, the results show an almost even split between places which saw an uplift in available properties for sale and those which saw a decline.

At 47.1%, Chichester saw the most significant rise in property listings, with Durham following this at 32.9% compared to February. Bootle was in third place at 29.4%, followed by a 24% riseobserved in both Chester and Oldham.

At the other end of the scale, the largest decline in new listings was seen in Rochdale, with a fall of 26.3%. Sale was just behind this with a drop of 23.7%, with Bath and Lancaster following at 22.7% and 21.6% respectively.

Commenting on the statistics was Chief Executive Officer at HouseSimple, Sam Mitchell. She stated: ‘Seller activity has already picked up noticeably since Easter, and in the current buyer’s market, the successful seller will be the one who stands out from the crowd, whether that’s pricing their property realistically or offering a superior product to the market.’

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