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Sellers Continue to Defy Brexit as New Listings Rise 11%

The number of properties new to market has increased by over 50% in some regions

The total number of new properties on the market increased to 57,992 in February

Homeowners looking to sell are deciding to act regardless of Brexit, the latest Property Supply Index has said.

According to online estate agency HouseSimple, new property listings jumped by 11% between January and February to a total of 57,992.

Whilst this is notably lower than the 64% surge between December and January, HouseSimple suggests it is a positive sign that sellers are note being deterred by the uncertainty over the UK’s future post-Brexit.

Some regions saw property supply increase by more than half. Huddersfield and York, both in Yorkshire & the Humber, saw new stock levels rise by 56.8% and 50.6% respectively, with High Wycombe in the South East also seeing a 54.5% surge in listings.

New property listings also rose in London, although the capital’s rate of growth eased significantly from 70.6% last month to 8.1% and was also some 15% lower than the number of new properties coming to market in the same month in 2018.

Commenting on the figures, HouseSimple’s CEO Sam Mitchell said: “Seller activity picked up in February as we head towards the traditionally busy spring period.

“Brexit uncertainty is feeding through to some areas of the country, particularly in and around London, where transaction levels have dropped off compared to the same time last year, but that’s not the picture everywhere.”

He continued: “We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue, such as Yorkshire and the North West.

“The impact on future market sentiment and outlook will vary depending on whether we get a deal or a no-deal Brexit, so it’s no surprise that savvy buyers are also looking to get deals done and lock in the best rates before the banks reconsider their mortgage offers.”

Although new property listings are continuing to increase, the latest index by revealed property asking prices have fallen 0.3% on an annual basis.

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