Listings jump 64% month-on-month as house sellers look to take advantage of reduced competition
New property supply bounced back at the start of the year, with homeowners looking to sell “in no mood to let the Brexit vote on 15 January delay them any longer.”
The findings, from the latest Property Supply Index by HouseSimple, reveal a 64% surge in the number of new listings between December 2018 and January to a total of 52,207, as sellers decided to take action after delaying their plans over the festive period.
In some cases, property supply trebled; Hastings, in the South East, saw the largest jump in new listings at 212.1%, followed by 19.7% in Southend-On-Sea in the East of England and 178.3% in Torquay, located in the South West.
Stock levels in London also saw a significant increase in the same period, rising by 70.6% in January to 21,677, with some boroughs seeing listings climb by as much as 270.6%.
Commenting on the figures, CEO of HouseSimple Sam Mitchell 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, homeowners were keen to make up for lost time.”
He went on to say that figures suggested homeowners saw “the current political climate as an opportunity to market and secure a sale while there is less competition around.”
He concluded: “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.”
According to the latest report from NAEA Propertymark, demand from buyers for residential property is increasing, having risen by 13% on an annual basis last year.