Late spring bounce sees sellers return with a vengeance in May
by Jonny Stevens on 11th June 2019
Sellers returned with vigour to the housing market in May as the Brexit date extension gave them some much-needed breathing space, according to the latest Property Supply Index compiled by Housesimple.
Homeowners pushed ahead with selling their properties last month, with new property listings across the UK up 9.2%, from 57,710 in April to 63,001 in May. New supply in London was also up 7.9% last month, seeing activity in the capital bounce back after a difficult few months of 2019.
The Property Supply Index analyses the number of new properties listed each month by estate agents across more than 100 major UK towns and cities.
More than three quarters (80%) of those towns and cities saw a rise in new properties coming onto the market in May compared to April. Warwick, Falmouth and Canterbury all saw new property listings rise by at least 60% in May, while new sellers were up by a quarter in the London borough of Hammersmith and Fulham.
The following table shows the UK towns and cities with the biggest increase in new sellers listing their properties in May 2019 vs April 2019:
|Town/City||Region||% increase in new listings in May 2019 vs April 2019|
|Rotherham||Yorkshire and the Humber||53.9|
The following table shows the five London boroughs with the biggest rise in the number of new sellers listing their properties in May 2019 vs April 2019:
|London Borough||% rise in new listings in May 2019 vs April 2019|
|Hammersmith and Fulham||25.1|
|Kingston upon Thames||21.9|
Sam Mitchell, CEO of Housesimple, comments:
"All things considered, May was a strong month for new listings. Sellers looked to make the most of relatively calm market conditions and buyers continued to cash in on competitive mortgage rates. Parents will also be thinking about the next school year and this may spur on families looking to move and changes school."
"Although Brexit uncertainty will return later in the year, the housing market experienced a late spring bounce in May as the Brexit extension removed short-term uncertainty. There is now a window of opportunity for buyers and sellers to make the most of more stable market conditions in the weeks to come."
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