Property

Property listings defy market uncertainty with 11% rise

Three towns saw new stock levels rise by more than 50%.

Rozi Jones
|
12th March 2019
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"We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue"

New property listings saw a monthly rise of 11% in February as homeowners shrug off uncertainty to keep the market moving, according to data from Housesimple.

Listings increased from 52,207 to 57,992 over the month and three towns saw new stock levels rise by more than 50%.

Huddersfield (56.8%) and York (50.6%), both in Yorkshire, saw some of the biggest increases.

New stock in London also increased by 8.1% to 23,440 compared to 21,677 in January.

Only three London boroughs (Bexley, Newham and Kingston upon Thames) saw a drop in new property listings in February vs January. However, new stock coming onto the market last month was 15% down on the comparable month in 2018.

Sam Mitchell, CEO of Housesimple, commented: “Seller activity picked up in February as we head towards the traditionally busy spring period. Brexit uncertainty is feeding through to some areas of the country, particularly in and around London, where transaction levels have dropped off compared to the same time last year, but that’s not the picture everywhere.

“We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue, such as Yorkshire and the North West. The impact on future market sentiment and outlook will vary depending on whether we get a deal or a no-deal Brexit, so it’s no surprise that savvy buyers are also looking to get deals done and lock in the best rates before the banks reconsider their mortgage offers. All eyes remain on the meaningful vote, the Spring Statement and of course the 29th of March."

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