September sees highest number of new sellers listing properties in any single month in the past two years
Homeowners have returned from their summer holidays with an appetite to sell as new property listings were up by a fifth in September compared to August, according to the latest Property Supply Index compiled by online estate agent HouseSimple.com.
New property supply in London rose 44.4% in September vs August. HouseSimple.com analysed new properties marketed in more than 100 major UK towns and cities to compile its Property Supply Index.
Homeowners appear to have shaken off the Brexit blues as the number of new properties listed in September was the highest it has been in any single month since pre-2016.
Two thirds (65.6%) of towns and cities saw an increase in the number of new properties taken on by estate agents in September vs August, with new listings up 71% in Oxford and 59.8% in Torquay. The top five biggest supply risers in September were all in the south of the country. However, the biggest faller was also in the south, with new property supply in Luton, down by almost a half (48.0%) in September.
New property supply rose an astonishing 44.4% in London in September vs August, with every borough seeing a double digit rise in new listings last month. Hammersmith and Fulham, which has seen some of biggest falls in house prices of any borough over the past few months, has seen a deluge of new sellers in September. Listings were up almost three quarters (72.5%) last month compared to August.
Kensington and Chelsea saw an even bigger hike in new property listings, more than doubling (108.5%) in September compared to August.
Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “It feels like home sellers have had the post-Brexit, post-General Election blues and maybe September is the first sign that they have shaken them off. Although we are still no clearer as to how a post-Brexit Britain might look, enough time has passed since Article 50 was triggered, and the country hasn’t plummeted into recession. Property prices have remained reassuringly stable and that has probably given sellers the confidence boost they needed to re-engage with the market.”