New supply increased by 11% in the UK in February, latest index shows
The number of new properties listed for sale in the UK increased by 11% in February compared with the previous month, according to the latest property supply index figures.
Three towns saw new stock levels rise by more than 50% in February, the data from online estate agents Housesimple shows. Huddersfield supply increased by 56.8%, there was a rise of 54.6% in High Wycombe and a rise of 50.6% in York.
The index, which analyses the number of new properties listed each month by estate agents across more than 100 major UK towns and cities, shows that the next biggest rise was 48.6% in Falmouth, followed by 47.6% in Edinburgh.
Supply increased by 45.2% in Oxford, by 42.6% in Lichfield, by 42.3% in Lancaster, by 41.5% in Darlington, and by 41.2% in Aberdeen,
Property stock levels were also up in London with only the boroughs of Bexley, Newham and Kingston upon Thames recording a fall in February. However, overall new stock coming onto the market was 15% down compared with February 2018.
The biggest rise in supply in London was an increase of 26.8% in Sutton, followed by a rise of 21.3% in Havering, a rise of 19.6% in Enfield, a rise of 19.3% in Merton and a rise of 18.1% in Lambeth.
‘Seller activity picked up in February as we head towards the traditionally busy spring period. Brexit uncertainty is feeding through to some areas of the country, particularly in and around London, where transaction levels have dropped off compared to the same time last year, but that’s not the picture everywhere,’ said Sam Mitchell, Housesimple chief executive officer.
‘We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue, such as Yorkshire and the North West,’ he explained.
‘The impact on future market sentiment and outlook will vary depending on whether we get a deal or a no-deal Brexit, so it’s no surprise that savvy buyers are also looking to get deals done and lock in the best rates before the banks reconsider their mortgage offers,’ he added.