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Supply of UK residential properties rises in May

The number of residential properties available for sale has risen by almost 5% in May according to a new property index.

UK Housing Supply Declines May 2016

The number of residential properties available for sale has risen by almost 5% in May according to a new property index.

The HouseSimple supply index, which measures the number of new properties that are listed on the property market each month, found that there had been a 4.8% increase in the number of new properties marketed by agents throughout May.


According to the research, more than 50% of towns in the UK experienced a decline in the number of new properties available for sale, with 47% of the towns seeing a fall in the supply of properties being located in the North of England.


The biggest rise in supply within the UK was found in the Midlands, with the towns of Lichfield and Chesterfield experiencing increases of 56% and 36% respectively.


In the capital, supply fell by 2.4% in May, marking a second successive month of decline in the supply of new properties in London, which saw a 0.8% decrease in availability in April.


Commenting on their findings, chief executive of HouseSimple, Alex Gosling, said: ‘Although property supply was up in May, in large swathes of the country, the number of new properties listed fell.’


Gosling indicated that the upcoming referendum regarding the UK’s membership of the EU could be affecting the behaviour of buyers and sellers as they wait for the results of the vote.


‘On the flip side, this could actually provide an opportunity for prospective buyers, who have their finance in place and can move fast, as they may be able to negotiate a good deal with motivated sellers keen to tie up a sale before 23 June’.


Last month’s HouseSimple index saw 60% of towns in the UK experience a rise in residential property supply.

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