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The number of properties on the market shot up in January, with 40 per cent more properties listed, and 79 per cent more in London.

According to research from online estate agents HouseSimple.com, 10 per cent of the major 100 towns and cities in the UK saw new property listings more than double last month.

Almost half saw new listings up at least 50 per cent in January.

London, which has seen property prices falling over the past couple of months, saw a huge increase in new sellers in January, with every borough in the capital seeing more new property listings compared to December.

New property supply was up 78.7 per cent in January, and a fifth of London boroughs saw new seller numbers double last month, with property listings up 118.7 per cent in Hillingdon and 117.3 per cent in Bromley.

Sam Mitchell, chief executive of online estate agents HouseSimple.com, said: “After 2017 ended with a whimper, the property market has enjoyed a much-needed New Year bounce in new supply.

“This boost does need to be put into context though, as new listings are still at very low levels.

“We expect 2018 to be another challenging year for the UK housing market as the country’s exit from the European Union draws closer.

“House price growth is likely to be single digits this year at best. However, the property market has proven over the past 12 months that it is robust enough to handle the blustery economic headwinds coming its way.”

Figures from Halifax earlier this week showed that house prices had slowed for a second consecutive month, surprising analysts, who had forecast a small increase.

The 0.6 per cent fall in house prices in January came after a similar fall in December.

Prices have still risen by 2.2 per cent in the last year, compared with 2.7 per cent growth the previous year.

Source: FT Adviser

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