UK new property supply up by over a fifth in September

September saw the highest number of new sellers listing their properties in any single month in the past two years, according to the latest data from HouseSimple.com.

The online estate agent’s Property Supply Index reveals that new property listings in the UK were up by a fifth (20.2%) in September compared to August, and 44.4% higher in London.

HouseSimple.com analysed new properties marketed in more than 100 major UK towns and cities. The number of properties listed in September was the highest it has been in any single month since pre-2016.

Some 65.6% of towns and cities saw an increase in the volume of new properties taken on by estate agents in September when compared to August, with new listings up 71% in Oxford and 59.8% in Torquay.

The top five locations for growth during 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%) last month.

Every borough in London saw a double digit rise in new listings last month. Hammersmith and Fulham, which has some of the biggest falls in house prices over the past few months, saw a flood of new sellers in September.

“A lack of property supply has been a major issue for some time now, so it was important that September wasn’t a complete washout,” Alex Gosling, CEO of HouseSimple.com, said.

“Although there was a big rise in new property listings last month, we’ll have to wait and see if this pick-up is nothing out of the ordinary after the summer lull in activity, or if sellers have finally got the bit between their teeth.”

Compared to August, last month had listings that were up almost three quarters (72.5%) in London. Kensington and Chelsea saw an even bigger rise in new property listings, more than doubling (108.5%) in September when compared to August.

“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,” Gosling added.

“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.”

He continued: “Property prices have remained reassuringly stable and that has probably given sellers the confidence boosts they needed to re-engage with the market.”