Taylor Scott International News
There may be hope the UK’s property supply crisis is starting to ease, as the number of new properties coming onto the market across the UK in October increased for the second consecutive month. September saw new property listings up 9.1%, following several months where new supply had dried up. In October, supply continued to rise, albeit at a gentler rate, with new property listings up 2.8% in October and up 3.8% in London. The data from online estate agents HouseSimple also shows that Bottle in Merseyside saw the biggest increase with listings up by 47.4% followed by Truro with growth of 46.8% while in London the borough of Newham saw the biggest rise in new supply with an increase of 40.5% month on month. Sunderland saw the steepest decline in the number of new listings with a fall of 20.5% and in Guildford, where new property stock grew by over a third last month, new property listings fell by 19.4%. The borough of Camden in London has also seen a big change with new listing falling 15.8% in October compared with September when supply almost doubled. ‘Average property prices in the UK hit a record high in October, reaching almost £200,000 according to the latest Nationwide’s house price index. Lack of supply has contributed to this, but there is a glimmer of hope the UK’s supply crisis may be starting to ease,’ said Alex Gosling, the firm’s chief executive officer. ‘We are starting to see more new properties coming to the market, but levels are still well down on what would be considered healthy levels. There is still a massive demand supply imbalance, and in many towns and cities the numbers of new property listings fluctuates dramatically from month to month,’ he explained. ‘Until we start to see consistent and stable increases in supply, the market is likely to see upward pressure on prices continue,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
