Property supply in January jumps

According to the latest statistics, the number of new property listings across the UK has doubled.

The Property Supply Index from HouseSimple has indicated that throughout January, the property supply in every town and city has grown, with 27.1% observing a supply increase of 100% or more in comparison with December.

Listings rose by 268% in Litchfield during the first month of 2017, whereas the supply in Edinburgh and Hastings grew by 173% and 169% respectively.

London saw an increase of 121.7% in property listings during January, with the boroughs or Redbridge and Bromley experiencing the largest growth; 216.5% and 1854.5% respectively. The smallest supply rises were seen in Barking & Dagenham, with the borough only seeing a 66% increase during January.

Commenting on last months’ figures was Alex Gosling.  The CEO of HouseSimple stated: “We expected to see property supply rise in January, and it will be a relief that numbers have jumped because there were concerns that sellers, jaded by Brexit talk, might be slow to market in January. Although the numbers of new properties listed wasn’t through the roof, they were higher than November and only a little lower than October, so supply returned to pre- Christmas levels.

“We are now coming into peak-time for property sales, the pre-spring and spring market. The black cloud of Article 50 looms overhead and no-one really knows if that will see sellers delay marketing their properties. But if the market’s response to the Brexit vote is anything to go by, the urge or need to move will mean it’s very much business as usual.”


Today's Conveyancer