New property listings in key UK towns and cities almost doubled in January

Over 27% of UK towns and cities saw new property listings more than double in January compared to December, led by Lichfield, Edinburgh and Hastings, according to new research.

Lichfield saw listings rise more than threefold with growth of 268%, while in Edinburgh and Hastings supply was up 173% and 169% respectively, the data from online estate agent HouseSimple shows.

Overall the number of new properties listed across the UK in January was up by 93.3% month on month and more than twice as many properties came on the market in London in January compared to December, with supply in the capital up 121.7%

The data was compiled from more than 500,000 listed properties with the number of new properties marketed every month tracked in more than 100 major towns and cities across the UK and all London boroughs.

Other areas to see strong growth included Rochdale with a rise of 167.5% in new listings, Huntingdon up 156.5%, Eastbourne up 147.3%, Rugby up 141.5%, Guildford up 140.3%, Sale up 140% and Southend on Sea up 138.8%.

In London, while supply was up 121.7% in January as a whole the boroughs of Redbridge and Bromley saw the most significant increase in new listings last month, up 216.5% and 184.5% respectively. Barking and Dagenham saw the smallest rise in property supply, with the number of new listings up 66%.

Other areas of London with a strong rise in supply included Bexley up 181.8%, Enfield up 163.5%, Barnet up 157.1%, Merton up 144.2%, Kingston upon Thames up 141.2%, Camden up 139%, Brent up 138.8% and Harrow up 136.6%.

‘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,’ said Alex Gosling, chief executive officer of HouseSimple.

‘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,’ he pointed out.

Looking ahead there is still the unknown surrounding the official beginning of the process to leave the European Union when article 50 is triggered by the end of March, he explained. ‘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,’ he added.