Property market defies Brexit to bounce back in September

by Theo Hildebrand on 7th October 2019

The number of new property listings across the 100 largest towns and cities in the UK increased by 12.6% in September 2019, according to our latest Property Supply Index.

Last month 58,321 new properties entered the market across these towns and cities, up from 51,809 in August 2019. Aside from Wales, all UK regions reported a rise in new property listings as sellers returned to the market in traditionally one of the biggest months of the year for new listings. 

The North West reported the biggest rise and the highest number of new listings in the region of any month year to date, up 21.4% from August 2019. Notable increases in this region include Chester (205.7%) and Bootle (190.4%), where new property supply quadrupled from August to September. 

After a drop in new supply in August, both the South of England (17.3%) and London (16.8%) also saw a healthy number of new properties listed in September. New property listings were up in 29 out of 32 London Boroughs, with a total of 22,602 new homes listed in the capital. 

New sellers came in their masses to Kensington and Chelsea (48.4%) and Ealing (43.4%), while marginal reductions in new listings were reported in Barking and Dagenham (-6.7%), Newham (-3.7) and Brent (-2.6%) in September.

Our CEO Sam Mitchell believes September is an important month. Nationally we saw listings bounce back 12.6% as the market was back to business as usual. It’s clear that buyers and sellers don’t want to sit around and waste anymore time. They want to get on with their lives.

Regardless of what happens on 31st October, the next phase of Brexit will dominate and people are starting to accept that uncertainty is the only certainty. Along with higher stamp duty, Brexit has dampened listings year-on-year. But the market fundamentals - a long-running supply and demand issue, historically low interest rates and growing income levels - are proving to be just as powerful drivers of the market.

Meanwhile, the only overall average fall in new property supply was reported in Wales (-8.6%), where major towns Swansea (-16.4%), Newport (-13.5%) and Cardiff (-2.5%) all saw a reduction in the number of new homes to the market. 

The Housesimple Property Supply Index, issued monthly, 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 regional differences in new sellers listing their properties in September 2019 vs August 2019:

Ranking

Region

% increase in new listings in September 2019 vs August 2019

1

North West

21.40%

2

South of England

17.30%

3

London

16.80%

4

South East

12.80%

5

South West

10.80%

6

Yorkshire

10.50%

7

West Midlands

10.10%

8

Scotland

5.40%

9

East Midlands

4.60%

10

East of England

4.20%

11

North East

1.30%

12

Wales

-8.60%

The following table shows the five UK towns and cities that experienced the biggest increase in new sellers listing their properties in September 2019 vs August 2019:

Town/City

Region

% increase in new listings in September 2019 vs August 2019

Chester

North West

205.7%

Bootle

North West

190.4%

Lancaster

North West

129.7%

Falmouth

South West

110.5%

Bolton

North West

97%

The following table shows the five UK towns and cities that experienced the biggest decrease in new sellers listing their properties in September 2019 vs August 2019:

Town/City

Region

% increase in new listings in September 2019 vs August 2019

Hereford

West Midlands

-24.2%

Preston

North West

-23.2%

Chichester

South East

-22.1%

Huntingdon

East of England

-20.8%

Stevenage

South East

-18.2%



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