The supply of properties for sale in towns and cities in the UK increased for a fifth month in a row in April, led by a 98.3% rise in Huntingdon, the latest property supply index shows.
Overall there was a rise of 0.8% in the number of new properties being marketed by estate agents in 100 towns and cities month on month, the data from the HouseSimple index shows. However, more than half, some 57%, saw a drop in supply.
While there has been no significant spring bounce in supply, the data also shows that new property listings last month were 43.8% higher than in April 2017, the month after Theresa May triggered Article 50 when the UK formally began the process of leaving the European Union.
After Huntingdon the next biggest increase in supply was a rise of 40.3% in Dundee, followed by 32.5% growth in Huddersfield, a rise of 26.2% in Rochdale, a rise of 23% in Bolton and a rise of 20.7% in Halifax.
Durham recorded the biggest drop in supply, down 37.6%, followed by a fall of 34.3% in Lichfield, Chichester down 33%, Mansfield down 25.7%, Hastings down 23.5%, Weston Super Mare down 22.4% and Bedford down 22.1%.
In London, new property listings were up slightly on the UK average, with supply rising 4.4% in March compared to February. Newham saw the most dramatic rise in listings last month, with new sellers up 45.1%.
‘Although we haven’t seen a significant Spring bounce to date, supply has been moving in the right direction since the start of the year. And we are seeing completely different Spring conditions to last year, when Article 50 disrupted the market, and sellers stalled on listing their properties until they had a clearer economic picture,’ said Sam Mitchell, HouseSimple chief executive officer.
‘We are expecting to see strong seller activity in May and June. Buyers are showing real intent to purchase, especially with no sign of an interest rate rise in the immediate future and some extremely competitive mortgage deals on offer,’ he added.
