14 Mar

Property supply on the up

Property supply on the up

There has been an increase in the number of properties coming to market over the past month.

Figures from Housesimple shows a 13.3 per cent rise in supply across the UK housing market during February.

A total of 83.7 per cent of towns and cities saw an increase in properties being put on the market.

The highest rise was seen in Warwick with a 76.2 per cent rise in new listings, with Edinburgh and Carlisle also experiencing more than a 50 per cent rise in supply.

However, some areas did see a reduction in properties available, with Bottle reporting a 12.6 per cent decrease and an 8.5 per cent decline in Salford.

In London, there was an increase in property available, but it was only a 4.7 per cent so unlikely to have a dramatic impact on the continuing supply shortages in the capital.

"The market needs a boost in supply and it’s encouraging to see that new listings are up in February, albeit that we would typically expect numbers to rise in the coming months as sellers list their properties in time for the Spring market," said Alex Gosling, chief executive officer of HouseSimple.

"What’s more encouraging is that new stock levels are higher than October 2016 and only slightly short of September 2016, both traditionally strong months for the property market," he explained.

"Now we need to see buoyant listings figures in March and April because the buyers are definitely there, and thanks to the continued competitive mortgage deals still on offer, they are committed to purchasing," he added.ADNFCR-1222-ID-801833487-ADNFCR

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