New properties listed for sale in February up 11% as sellers defy Brexit

by Jonny Stevens on 11th March 2019

Homeowners continue to defy Brexit and are keeping the housing market moving, according to the latest Property Supply Index compiled by Housesimple.

New property listings in February 2019 were up 11% on January 2019, from 52,207 to 57,992,as home sellers across the country continued to market their properties, undeterred by uncertainty around the UK’s exit from the EU. New stock in London was also up last month, increasing 8.1% to 23,440 compared to 21,677 in January.

Three towns saw new stock levels rise by more than 50% in February. Huddersfield (56.8%) and York (50.6%),both in Yorkshire, saw some of the biggest increases, a reflection of the strong regional property markets in this area of the country.

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.

The following table shows the ten UK towns and cities which saw the biggest increase in new sellers listing their properties in February 2019 vs January 2019:

Town/City

Region

% increase in new listings in February 2019 vs January 2019

Huddersfield

Yorkshire

56.8

High Wycombe

South East

54.5

York

Yorkshire

50.6

Falmouth

Cornwall

48.6

Edinburgh

Scotland

47.6

Oxford

South East

45.2

Lichfield

West Midlands

42.6

Lancaster

North West

42.3

Darlington

North East

41.5

Aberdeen

Scotland

41.2

London

Property stock levels were up across the capital in February. Only three 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.

The following table shows the five London boroughs which saw the biggest rise in the number of new sellers listing their properties in February 2019 vs January 2019:

London Borough

% increase in new listings in February 2019 vs January 2019

Sutton

26.8

Havering

21.3

Enfield

19.6

Merton

19.3

Lambeth

18.1

Sam Mitchell, CEO of Housesimple, comments: “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,” said Mitchell.

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