There’s been a 25% increase in the number of houses and apartments coming onto the market in August compared to the same month the year before.
That’s according to data from London agents Chestertons, which suggested the 0.25% base rate cut on August 1 is fuelling a rise of stock in the capital.
Matt Thompson, head of Chestertons sales, said: “August was another great month, showing positive movement and a healthy market.
“In the autumn, we predict that the combination of low inflation, the drop in interest rates and the subsequent decrease in mortgages rates will all contribute to consumer confidence and sustained growth.”
Compared with August last year, there were also fewer unsuccessful exchanges and completions as well as fewer reductions in the advertised selling price of a property.
Month-on-month there was an 18% surge in supply from July.
