The number of properties listed on London’s housing market rose to a three-year high in June, despite the UK suffering an overall decline in houses put up for sale, according to new figures from a property supply index.
Nearly 33,000 homes were put on the market in the capital last month, the highest level since the index began in June 2015.
New home sellers in London rose 2.8 per cent in June from May, while supply across the UK as a whole fell 3.8 per cent in its first fall since December of last year.
The figures come after a month in which London’s flagging property market has experienced falling house prices, in a trend that goes against the rest of the UK.
Camden Borough had a steeper increase in listings last month than any other London borough, rising 31 per cent.
Kensington and Chelsea along with Hammersmith and Fulham saw the biggest falls in property listings in June compared with May, falling 9.5 per cent and 8.6 per cent respectively.
|London Boroughs with the biggest increases in properties put up for sale
|1. Camden – 31.0 per cent
2. Merton – 11.4 per cent
3. Bexley – 9.2 per cent
4. Barking and Dagenham – 9.0 per cent
5. Greenwich – 8.4 per cent
The index, carried out by online estate agency HouseSimple.com, looks at the number of new properties listed by estate agents every month across more than 100 major UK towns and cities.
Sam Mitchell, chief executive of online estate agents HouseSimple.com, said: “Seller activity has picked up noticeably since mid-May, particularly in London, where prices have cooled. Buyers are viewing a lot more properties before they make an offer, and with more sellers listing in the past month, they have more choice.”
Mitchell added: “More than ever, the key for motivated sellers is to price correctly and competitively to attract buyers. It’s important to do your research, to check what properties are selling for on your street and in the nearby area. This is probably not the right market to price high, hoping to squeeze a little more money out of buyers.”
Source: City A.M.