September saw new property listings up 9.1%, following several months where new supply had dried up. In October, supply continued to rise, albeit at a gentler rate, with new property listings last month compared to September up 2.8%. In London, new property listings in October increased by 3.8%.
To compile its Property Supply Index, pay-as-you-go agent HouseSimple.com tracks the number of new properties listed on Rightmove every month, in more than 100 major towns and cities across the UK and all London boroughs.
In October, the Merseyside town of Bootle experienced the biggest increase in new property listings, up by almost a half (47.4%) compared to September. The Cornish town of Truro came a close second, with a rise of 46.8% in new property listings between September and October.
The following table shows the UK towns and cities that have seen the biggest rises in new property listings in October compared to September:
|
London Borough |
% rise in new listings in October vs September |
|
Newham |
40.5% |
|
Redbridge |
20.7% |
|
Brent |
20.4% |
|
Barnet |
15% |
|
Hillingdon |
13.4% |
|
Tower Hamlets |
13% |
|
Hammersmith & Fulham |
11.8% |
|
Hounslow |
11.7% |
|
Ealing |
7% |
|
Lambeth |
6.8% |
Surprisingly, following a huge spike in supply in September, new property listings in Sunderland have fallen off a cliff in October, down 20.5%. Similarly, in Guildford, where new property stock grew by over a third last month, new property listings are down by almost a fifth (19.4%).
The following table shows the UK towns and cities that have seen the biggest falls in new property listings in October compared to September:
|
Town/City |
Region |
% rise in new listings in October vs September |
|
Sunderland |
North East |
-20.5% |
|
Guildford |
South East |
-19.4% |
|
Warwick |
West Midlands |
-19.4% |
|
Bedford |
East |
-17.6% |
|
Lichfield |
West Midlands |
-17.6% |
London
In the capital, new property listings have risen by 3.8% in October compared to September. Newham saw its supply of new properties increase by more than two fifths (40.5%). However, the borough of Camden, which saw its new property listings almost double last month, has experienced a drop of 15.8% in available stock in October.
The following table shows the biggest rises in new property listings in London boroughs in October compared to September:
|
London Borough |
% rise in new listings in October vs September |
|
Newham |
40.5% |
|
Redbridge |
20.7% |
|
Brent |
20.4% |
|
Barnet |
15% |
|
Hillingdon |
13.4% |
|
Tower Hamlets |
13% |
|
Hammersmith & Fulham |
11.8% |
|
Hounslow |
11.7% |
|
Ealing |
7% |
|
Lambeth |
6.8% |
Alex Gosling, CEO of online estate agents HouseSimple.com comments: “Average property prices in the UK hit a record high in October, reaching almost £200,000 according to the latest Nationwide’s house price index. Lack of supply has contributed to this, but there is a glimmer of hope the UK’s supply crisis may be starting to ease.
We are starting to see more new properties coming to the market, but levels are still well down on what would be considered healthy levels. There is still a massive demand supply imbalance, and in many towns and cities the numbers of new property listings fluctuates dramatically from month to month. Until we start to see consistent and stable increases in supply, the market is likely to see upward pressure on prices continue."
