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TODAY'S OTHER NEWS

Online agency reports market-wide supply surge, led by London

The latest assessment of supply across the housing market undertaken by online agency HouseSimple claims that the number of new properties listed for sale in September rose almost a fifth last month. 

HouseSimple looks at new listings provided by all agents - traditional and online - in 100 major UK towns and cities, and compiles its index from that data.

It says that supply rose 18.1 per cent, rising from 61,472 in August to 72,593 in September. 

Although this hike can be attributed to-some-degree to the lull over the summer period when families head off on their holidays, the number of new properties marketed was also up 6.2 per cent on September 2017.

In particular, London saw a huge 45.5 per cent increase in new listings in September, more than twice the UK average. This was the highest level of new supply coming to the market in the capital in any single month since pre-2015.

Following double digits falls in new supply in July and August, supply in the capital bounced back in September; every borough saw at least a 20 per cent rise in new property supply in September, with Kensington & Chelsea recording a jaw-dropping 96.1 per cent increase.

“It was one of the hottest summers on record and buyer and seller activity inevitably dropped off in July and August. But come September, it was very much business as usual” says Sam Mitchell, the agency’s chief executive. 

“It’s interesting to note that seller numbers are rising faster in London than anywhere else in the country …  It’s not so much a case of beating the Brexit rush for the door, but more life has to go on. People will always need to move whatever is happening in the housing market and wider economy” he adds.

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    This is great news for agents! But it is bad news for prices. In London, where I am, we all have a roll to play now re-educating sellers that the market up to 2014 isn't coming back anytime soon and a signigicantly lower level is now required to get liquidity flowing again. Painful conversations I know, but absolutely neccessary to unblock the market. Sellers are receptive I think, they are not fools and realise that things went up too far too fast.

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    • 11 October 2018 14:21 PM

    Good Post

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    • 25 October 2018 07:30 AM

    best way for buying house is online

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