The number of new properties listed for sale across the UK was up 21.7% in March compared to February, fresh figures have revealed, as the spring buying season got underway.
The UK housing market has been building up momentum over the last few months, as reflected by an 18% increase in the volume of homes sold in March compared with the previous month, according to the latest data from the Agency Express Property Activity Index.
All 12 regions monitored in the index saw increases in both new listings ‘for sale’ and properties ‘sold’, led by the West Midlands.
Setting the pace for the rest of the UK, the West Midlands recorded robust increases in both new listings ‘for sale, sitting at 31.7% and properties ‘sold’ at 22.6%, helping to drive up asking prices in the region, which have increased by an average of 4.2% year-on-year, according to Rightmove.
The regions recording the largest month-on-month increases included:
North East 28%
South West 23.1%
New listings ‘For Sale’
East Anglia 31.7%
East Midlands 28.3%
South West 26.8%
North East 23.6%
Commenting on the latest index, Stephen Watson, Managing Director of Agency Express said: “The month-on-month increases revealed by March’s Property Activity Index have reported positively across the nation. However, year-on-year we are seeing a decline in properties ‘sold’ which is a reflection of the increasing affordability issues.
“Looking forwards in to April we traditionally experience a seasonal slowdown over the Easter holidays, but we would expect the current trend to resume promptly after.”