PROPERTY SUPPLY WARMS UP IN MAY WITH 7% RISE

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Homeowners hope to secure a sale before general election

After a lethargic April for sellers marketing their properties, supply levels bounced back in May as the traditionally buoyant Spring market finally sprung into life, according to the latest Property Supply Index from online estate agents HouseSimple.com.

Property supply across the UK was up 7% in May, after dropping 4% in April, as sellers looked to market their properties and secure an offer before the General Election result in early June. Nearly 80% of towns and cities saw an increase in new property listings in May compared to April.

To compile the Property Supply Index, HouseSimple looks at data from more than 500,000 listed properties* to track the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs.

According to HouseSimple.com research, supply levels have swung widely in many areas over the past couple of months, which is symptomatic of the low levels of stock estate agents have on their books. For example, Oldham and Northampton have both seen seesawing supply in April and May, with new listings up significantly in April but falling back in May. Oldham experienced a 42.4% rise in supply levels in April but a 43.7% drop in May. While Northampton saw a 30.2% rise in April and a 25.2% drop-off last month.

The following table shows the ten UK towns and cities that experienced the biggest increases in new property listings in May versus April:

Town/City

Region

% fall in new listings in May vs. April

Barnsley

South Yorkshire

74.6%

Wolverhampton

West Midlands

52.1%

Canterbury

South East

51.9%

Ipswich

East

48.0%

Carlisle

North West

43.3%

Lincoln

East Midlands

37.3%

Torquay

South West

36.4%

Woking

South East

35.8%

Wigan

North West

35.3%

Mansfield

East Midlands

32.9%

The following table shows the ten UK towns and cities that experienced the biggest decreases in new property listings in May versus April:

Town/City

Region

% fall in new listings in May vs. April

Oldham

North West

-43.7%

Blackburn (Darwen)

North West

-26.0%

Northampton

East Midlands

-25.2%

Nuneaton

West Midlands

-23.3%

Nottingham

East Midlands

-23.2%

Hartlepool

North East

-20.2%

Norwich

East

-18.7%

Lancaster

North West

-18.1%

Oxford

South East

-17.9%

Exeter

South West

-13.9%

London

In London, the rises and falls in property supply in May, across the 32 London Boroughs, were far less pronounced than we saw in April. Overall, new property listings were up 5.2% in the capital last month. Two areas that did see extremes in supply levels were Newham and Sutton. Newham saw new listings rise 23.5% in May compared to a 15.8% fall in April. While, Sutton saw listings fall 28.1% in May, after a similarly dramatic drop-off (19.2%) last month. Only seven boroughs saw a fall in property supply in May.

The following table shows the five London boroughs that experienced the biggest increases in new property listings in May versus April:

London Borough

% fall in new listings in May vs. April

Newham

23.5%

Harrow

19.9%

Haringey

19.3%

Tower Hamlets

16.9%

Kensington and Chelsea

12.7%

The following table shows the five London boroughs that experienced the biggest decreases in new property listings in May versus April:

London Borough

% rise in new listings in May vs. April

Sutton

-28.1%

Greenwich

-5.7%

Merton

-3.2%

Camden

-2.9%

Lewisham

-1.5%

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “Political and economic uncertainty surrounding a General Election can often see sellers hold off marketing until after the result is known. However, the 7% rise in May suggests many sellers aren’t waiting and marketed their properties last month to try and secure an offer before the Election result.

“There is something to be said for doing this. The Spring period, traditionally a buoyant time for the property market, has been knocked off kilter by Article 50 being invoked and the PM calling a General Election. As a result, we could see a late Spring bounce after the Election result, with a stampede of sellers putting their properties onto the market before the summer holidays. It doesn’t give home sellers a lot of time to secure a sale and the savvy and committed seller, willing to negotiate on price could well have seen an opportunity to beat this stampede and steal a march on their competition.”

 

 

 

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