Property supply soars 40% in January

10% of towns saw new property listings more than double last month and almost half (48%) of UK towns and cities saw new listings up at least 50% in January.

Only six towns across the UK saw fewer new sellers marketing in January than listed their properties in December.

London, which has seen property prices falling over the past couple of months, saw a huge increase in new sellers in January, with every borough in the capital seeing more new property listings compared to December. New property supply was up 78.7% in January, and a fifth of London boroughs saw new seller numbers double last month, with property listings up 118.7% in Hillingdon and 117.3% in Bromley.  

Across the regions, the south saw the biggest gains in new sellers in January, with five out of the top ten biggest risers in January. Solihull, in the West Midlands, registered the largest percentage of new property listings last month, up almost 150% on December.

Sam Mitchell, CEO of HouseSimple, commented: “After 2017 ended with a whimper, the property market has enjoyed a much-needed New Year bounce in new supply. This boost does need to be put into context though, as new listings are still at very low levels. The market desperately needs a few more healthy months to fill the supply reservoir.

“We expect 2018 to be another challenging year for the UK housing market as the country’s exit from the EU draws closer. House price growth is likely to be single digits this year at best. However, the property market has proven over the past 12 months that it is robust enough to handle the blustery economic headwinds coming its way.

“For anyone thinking of selling their property over the next few months, they can be reassured there are committed buyers out there. But this is a price sensitive market. Buyers are negotiating harder and are happy to wait for the right property at the right price.”