There are encouraging signs that the lack of supply in the UK property market might just be easing, if the latest report from HouseSimple is anything to go by.
According to the firm’s data, the number of properties for sale was up by 13.3% in towns and cities of Britain during February.
In all, supply rose in 83.7% locations.
Warwick led the way, with new listings increasing by 76.2% over the course of the month. In Edinburgh and Carlisle, supply rose by 59.7% and 54.6% respectively.
Other regions to see a soar in supply were Lancaster (48.1%), High Wycombe (42.2%), Darlington (40.8%), Grimsby (40%) and Chester (39.5%).
However, supply fell most prominently in Bottle (-12.6%). Guildford (-12.4%), Salford (-8.5%), Chelmsford (-7.9%) and Nuneaton (-7.5%).
Apart from High Wycombe in the South East and Warwick in the Midlands, all main rises in new listings are located in the North. On the other hand, the locations where supply is falling most are in the South and East.
Property supply rose by 13.3% in UK during February
At 4.7%, the rise in supply in the capital was less than half of that recorded in the UK as a whole. This said, some areas did see some sizeable rises in new listings. Kensington and Chelsea saw a rise of 23.1% and Lambeth saw rises of 20.4% during February.
Alex Gosling, Chief Executive of HouseSimple, said: ‘The market needs a boost in supply and it’s encouraging to see that new listings are up in February, albeit that we would typically expect numbers to rise in the coming months as sellers list their properties in time for the Spring market.’
‘What’s more encouraging is that new stock levels are higher than October 2016 and only slightly short of September 2016, both traditionally strong months for the property market. Now we need to see buoyant listings figures in March and April because the buyers are definitely there and thanks to the continued competitive mortgage deals still on offer, they are committed to purchasing,’ he added.