New property listings in the UK increased over 10% in September month on month with more than two thirds of towns and cities seeing a rise in supply, the latest research shows.
Overall supply was up by 10.4% nationwide with the biggest rise recorded in Basildon in Essex with an uplift of 68.1%, according to the index data from online estate agent House Simple.
However the supply in Falmouth in Cornwall fell by 27.5% while London saw a respectable 16.5% rise in supply following a typically slow August when home owners traditionally put sales on hold.
Hereford also saw a large increase with supply siring by 58.3%, while in Lichfield it was up by 53.5%, in Hemel Hempstead by 52.2% and Truro by 48.3%. After Falmouth the biggest fall in supply was Sutton Coldfield, down 25.8%, then Ely with a fall of 22.9% and Stockton on Tees down by 22.2%.
The UK property market continues to defy predictions of a post-Brexit fall-out with a return to form after the summer lull, according to Alex Gosling, chief executive officer of House Simple.
‘The figures don’t show an uplift in new listings after a typically slow August. The more than 10% boost in new properties is evidence of a resilience in the housing market that many didn’t expect. Many clearly believe that the market is strong enough to sell in despite the ongoing political uncertainty,’ he explained.
He believes that the recent interest rate cut has also helped the market. ‘What was a sellers’ market before the European Union membership referendum vote and buyers’ market in the initial months after it may now be somewhere in between. This is no bad thing,’ he added.
