Autumn has brought a significant increase in the number of properties on the UK housing market. Data from online estate agent House Simple shows the number of new properties listed for sale in September was up by nearly a fifth on the previous month.
There was also a huge rise in those selling in London, the 45.5 percent taking the amount of property on the market for sale in the capital to its highest level in three years.
Every borough in London registered a rise in new property supply last month, says House Simple, whose monthly property supply index records the number of new properties listed by estate agents across 100 major towns and cities.
Traditional seasonal bounce
Other cities recording big increases include Cambridge (36.2 percent), Salisbury (34.1 percent), Salford (33.8 percent) and Winchester (32.5 percent).
Across the UK as a whole, September’s supply of new properties coming on to the sellers’ market rose by 18.1 percent on August, up by 6.2 percent on the same month a year ago.
That reflects the traditional autumn bounce when sellers look to market their properties once the summer holidays are over and the schools have returned.
However, there were big falls in the property supply in some spots, including Lichfield, which saw a fall of 37.1 percent, and Lancaster, down by 31.6 percent.
Priced more realistically
Sam Mitchell, chief executive officer of House Simple, said: “It’s interesting to note that seller numbers are rising faster in London than anywhere else in the country. Understandably, a lot of home owners were choosing to wait, hoping that prices would recover quickly.
“Now that doesn’t appear likely, the need to move is the priority. They don’t want to wait any longer and they know this is a good time to sell with plenty of motivated buyers.
“People will always need to move whatever is happening in the housing market and wider economy. And there seems to be more of an acceptance now amongst sellers that they need to price more realistically to attract a buyer. This sensible and measured view is helping to push through more sales.”
If you’re inspired by the changing seasons to change homes, make In-Deed your first stop. We work with expert conveyancing solicitors across England and Wales to deliver high-quality, cost-effective conveyancing services, whether you are buying, selling or remortgaging.
Talk to our team now on 0800 038 6886 or get a no-obligation quote for bespoke conveyancing services.