New property listings increased strongly in the UK in first month of 2019

New property listings in the UK increased by 64% in January compared with December 2018, from 31,825 to 52,207, the latest supply index shows.

New stock in London also increased significantly last month, up by 70.6% to 21,677 from 12,709 in December, according to the index from online estate agents HouseSimple.

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 supply grew the most in Hastings with a rise of 212.1%, followed by a rise of 191.7% in Southend and 178.3% in Torquay.

In London new properties listed in Bromley in January were up 270.6% and three other boroughs, Havering, Redbridge and Barnet, saw new listings double last month.

Sam Mitchell, HouseSimple chief executive officer, said:

‘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, home owners 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.’

Kindly shared by Property Wire