January sees 40% increase in new properties coming onto the UK market

Chorley UK

The property market has picked up the pace in the new year, new study shows

After December saw a property supply drought, as homeowners decided to hold off selling at the end of tough year, the New Year has kicked off at a pace, with a 40% increase in new sellers across the UK, according to research carried out by online estate agents HouseSimple.com.

The latest Property Supply Index from HouseSimple, which looks at the number of new properties listed by estate agents across 100 major UK towns and cities, shows a substantial rise in new sellers in January, from 34,597 in December to 48,528, with 10% of towns seeing new property listings more than double last month. Almost half (48%) of UK towns and cities saw new listings up at least 50% in January.

Traditionally, the property market does experience a rush of homeowners marketing their properties in the New Year, although this year the spike has been more pronounced. Only six towns across the UK saw fewer new sellers marketing in January than listed their properties in December.

London, which has seen property prices falling over the past couple of months, saw a huge increase in new sellers in January, with every borough in the capital seeing more new property listings compared to December. New property supply was up 78.7% in January, and a fifth of London boroughs saw new seller numbers double last month, with property listings up 118.7% in Hillingdon and 117.3% in Bromley.

Across the regions, the south saw the biggest gains in new sellers in January, with five out of the top ten biggest risers in January. Solihull, in the West Midlands, registered the largest percentage of new property listings last month, up almost 150% on December. Bristol saw a 63% increase in new properties coming to the market in January compared to December, whilst Bath saw a 79.3% increase.

The following table shows the ten UK towns and cities which saw the highest number of new sellers in January 2018 vs December 2017:

Town/City

Region

% increase in new listings in Jan vs. Dec

Solihull

West Midlands

148.9

Southend-On-Sea

East

141.5

Salisbury

South West

127.3

Rugby

West Midlands

120.7

High Wycombe

South East

117.5

Exmouth

South

116.7

Slough

South East

113.4

Sale

North West

113.3

Hastings

South East

110.1

St Helens

North West

105.2

London

After December saw just 13,430 homeowners put their properties on the market, the lowest number in any single month in 2017 by some margin; there were 24.004 new property listings in January.

The following table shows the five London boroughs where new sellers more than doubled in January 2018 vs December 2017:

London Borough

% increase in new listings in Jan vs. Dec

Hillingdon

118.7

Bromley

117.3

Havering

108.9

Waltham Forest

106.6

Barnet

106.2

Bexley

100.0 


Sam Mitchell, CEO of online estate agents
HouseSimple.com, comments: “After 2017 ended with a whimper, the property market has enjoyed a much-needed New Year bounce in new supply. This boost does need to be put into context though, as new listings are still at very low levels. The market desperately needs a few more healthy months to fill the supply reservoir.”

“We expect 2018 to be another challenging year for the UK housing market as the country’s exit from the EU draws closer. House price growth is likely to be single digits this year at best. However, the property market has proven over the past 12 months that it is robust enough to handle the blustery economic headwinds coming its way.”

“For anyone thinking of selling their property over the next few months, they can be reassured there are committed buyers out there. But this is a price sensitive market. Buyers are negotiating harder and are happy to wait for the right property at the right price.”

 

 

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