New property listings in the UK increased strongly in the first month of 2019, increasing from 31,825 in December 2018 to 52,207 in January this year, which is a rise of 64 per cent, according to the recent Property Supply Index from the online estate agents HouseSimple.
It appears that property owners were quick to put their properties on the market as the year started, releasing new stock in London following the festive period. This was a rise from 12,709 in December to 21,677 in January, according to HouseSimple.
Supply grew the most in Hastings with a rise of 212.1 per cent, followed by a rise of 191.7 per cent in Southend and Barnet and 178.3 per cent in Torquay, according to the recent index released by HouseSimple that analyses the number of new properties that are listed each month across major UK towns and cities by estate agents.
Other areas where supply grew substantially included Guildford with a rise of 158.8 per cent, Ipswich with a rise of 138.6 per cent, Shrewsbury up 121.1 per cent, Southport up 117.7 per cent, Chesterfield up 117.5 per cent, Halifax up 116.7 per cent and Colchester with a rise of 113.7 in January compared to December 2018.
In the capital, new properties listed in Bromley were up 270.06 per cent and the boroughs of Havering, Redbridge and Barnet all doubled in new listings last month compared to December 2018, according to recent research from HouseSimple.
Sam Mitchell, chief executive officer at HouseSimple, commented: “We would normally expect to see activity pick up in the New Year, but no one was quite sure how sellers and buyers would react to the amplified Brexit uncertainty in January. In the end, it proved to be a busy month for sellers in particular, and even with the distraction of the Commons vote mid-month, homeowners were keen to make up for lost time.
“We are seeing a life-goes-on attitude amongst homeowners, and many view the current political climate as an opportunity to market and secure a sale while there is less competition around.
“It’ll be interesting to see how the next few months pans out. If the odds improve on a Brexit deal, we could see a cavalry charge of sellers putting their homes on the market. What we won’t necessarily see is an immediate surge in buyers, and savvy sellers may see this period of Brexit limbo as the perfect opportunity to market and have the pick of the buyers out there.” added Sam Mitchell.