Market confidence is on the up, with new property listings rising 7.1% in a month
The number of UK homeowners putting their properties on the market has increased by 7.1% in the past month, and more than two thirds (67%) of major towns and cities in the UK have seen a rise in the number of new properties being marketed, according to new research by the online estate agent HouseSimple.com.
The research reveals that although new stock levels remain low across the country, homeowners are finally starting to market their properties, with a large number of towns and cities seeing a pick up in new property listings in the past month – particularly in the north of England and Scotland.
The north is enjoying the greatest increases
Although the Wiltshire town of Swindon, in South West England, has seen the biggest rise (47.3%) in new property listings in the past month, Oxford (17.5%) is the only other city in the south to feature in the list of biggest risers.
The figures also reveal a distinct north-south divide, with homeowners in the north of England and Scotland appearing to be more active in June and July in marketing their properties. Nine out of 15 of the new property listings risers are in the north of England or Scotland, while four towns/cities in the Midlands feature in the list.
Winchester is bottom of the pile
Winchester, in South East England, has seen new property listings fall by 17.9% in the past month, while Hull and Doncaster in the Yorkshire & the Humber region have seen new listings drop by 13.7% and 12.5% respectively. And while the university city of Oxford has seen new property listings up 17.5% in the past month, Cambridge has seen new listings fall by 8.7% in the same period.
City of London is sparking in to life
The London property market has slowed recently, but the data reveals that the capital has seen an 8.1% increase in new properties being listed in the past month. Indeed, more than three quarters (78.1%) of London boroughs have seen an increase in new properties being marketed in the past month.
The biggest rises in new property listings in the capital have been City and Westminster (29.5%), Islington (28.8%) and Southwark (27.1%). The biggest fallers, meanwhile, have been Bromley (11.2%), Kingston upon Thames (6.6%) and Havering (4.4%).
Alex Gosling, CEO of online estate agents HouseSimple.com comments: “A stampede of sellers coming to market was expected after the election, but that stampede never materialised.
“In fact, for the first few weeks there appeared to be a fair amount of caution and reluctance amongst sellers to market. This may have been a case of waiting to see if property prices might start to rise rapidly with the confidence generated by a stable, majority government. Now it appears sellers have waited long enough, and we’re starting to see some movement.
“The market still needs more stock to temper house price growth. One of the reasons why prices haven’t cooled, and are seemingly on a relentless upwards trajectory, has been a lack of new properties coming onto the market, especially in London. Hopefully, we’re going to start seeing a rebalancing of supply and demand.”