UK property supply down almost 5% in May

Taylor Scott International News

Residential property supply in the UK increased by 4.8% in May but a breakdown of the figures show that the number of homes for sale fell in half of the towns covered by the index. In total month on month supply was down in 50.4% of towns with the biggest falls coming in the towns of Southport and Loughborough at 28% and 24.1% respectively. The data from the index from online estate agent HouseSimple also shows that towns in the Midlands saw the biggest increase in supply with Lichfield up 56% and Chesterfield up 36%. The index, which tracks the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs, also shows that of the areas that saw the biggest falls in supply some 47% were in the North of England. In London supply was also down by 2.4% overall in May with the City of Westminster seeing the biggest drop at 33%. The overall fall follows a decline of just 0.8% in April. The borough of Bexley also saw a significant fall following a huge peak in April, when new property listings were up 58.9%. However, despite the overall fall in London dome 53% of its 32 boroughs saw an increase in supply last month. Waltham Forest saw property supply rise 31% month on month following an 8% increase in April and Merton saw supply increase 30% in May following a 15% increase in April. ‘Although property supply was up in May, in large swathes of the country, the number of new properties listed fell,’ said the firm’s chief executive officer Alex Gosling. He believes that the confidence of buyers could be affected by the forthcoming referendum on the future of the UK in the European Union and predicts that in the run up to the poll on 23 June there could be a significant drop off in activity at a time when historically there is a lot of activity in the property market. ‘On the flip side, this could actually provide an opportunity for prospective buyers, who have their finance in place and can move fast, as they may be able to negotiate a good deal with motivated sellers keen to tie up a sale before 23 June,’ he added. Taylor Scott International

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