The number of new listings for properties for sale across the UK increased by 7.4% in May compared to the previous month, according to the latest supply index.
Overall, across 100 major UK towns and cities some 73,577 new properties were marketed by estate agents in May, first month since the beginning of 2017 that new seller numbers have surpassed 70,000.
New property listings last month were also 54.6% higher than the corresponding month in 2017, the data from online estate agents HouseSimple also shows, with eight out of 10 areas recording an increase in supply.
A breakdown of the figures reveals that 79% of towns and cities saw new stock levels rise in May month on month. That’s a reverse on April, when more areas, 57.6%, saw new supply levels fall compared to the previous month.
Two areas in the South East experienced the biggest uplift in new stock in May. Chichester saw new property listings double last month, up 98.3% on April, with listings up 58.2% in Oxford.
Mansfield recorded the next biggest rise with an increase of 32.5%, followed by Truro up 26.2%, Loughborough up 23%, Salisbury up 20.7%, King’s Lynn up 19.7%, Woking up 19.4%, Guildford up 16.8%, and Worthing up 16.4%.
The biggest fall in new listings was in Huntingdon with a decrease of 46%, followed by Stirling down by 21.9%, Sale down 10.6%, Stoke on Trent down by 10.3% and Barnsley down by 9.9%.
In London, new property listings were down slightly on the UK average, with supply rising 5.9% in May compared to April. Haringey recorded the biggest rise at 18.7%, followed by Kensington and Chelsea up 18.3%, Merton up 17.1%, Lambeth up 15.1% and Hackney up 14.8%.
‘May saw a healthy boost in stock coming onto market, with eight out of 10 areas experiencing an increase in new listings. Although market conditions were a little subdued in the early part of May, there was a noticeable pick-up in activity in the second half of the month,’ said Sam Mitchell, HouseSimple chief executive officer.
‘Buyers are showing real intent to purchase at the right price, especially with no sign of an interest rate rise on the horizon and some attractive mortgage deals on offer,’ he added.
