More listings are coming onto the market in the UK with London seeing a 27.1% and Dundee in Scotland with a 171.1% rise in supply, the highest in the country.
In London supply in Kensington and Chelsea more than doubled between August and September with a rise of 122.2% while Camden’s supply increased by 95.7%.
The data from online estate agents HouseSimple also shows that overall new listing listings increased 9.1% in September with rises of 46.7% in Sunderland and 35.5% in Cambridge but supply fell by 21.5% in Durham.
The news comes after a very quiet summer during when housing supply in the UK hit critically low levels but now more than 60% of the 100 towns and cities covered by the index saw an increase in new listings.
The Scottish market, in particular, has seen a surge in new listing listings in September with supply almost tripling in Dundee while Aberdeen saw a 48.8% rise in new listings, and Edinburgh and Perth listings were up 28.3% and 24.7% respectively.
The number of new listings listed across London in September hit almost 25,000 and only two of the 32 London boroughs, Croydon and Lambeth saw a fall in supply but the index report says that there is still a severe shortage of new listings being marketed in the capital.
‘The current housing shortage in the UK has been a major contributory factor in rising listing prices. We are in the grip of a severe listing shortage and if September hadn’t seen a spike in new listing listings we really could have been looking at a full blown supply crisis,’ said Alex Gosling, the firm’s chief executive officer.
‘Fortunately the September figures are far more encouraging. Almost 60% of UK towns and cities have seen stock levels rise between August and September. But it’s too early to breath a huge sigh of relief that a listing crisis has been averted,’ he pointed out.
‘Stock reservoirs still remain dangerously low. September needs to provide the catalyst for the rest of the year. The housing market still has a long road to travel to rebalance supply and demand, but these latest listings figures show that we are finally moving in the right direction,’ he added.
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Source: Property News Spain