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Property listings up 11% in February

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Homeowners continue to keep the housing market moving despite Brexit uncertainty, with new property listings up 11 per cent in February, data reveals.

New property listings increased to 57,992 in February, from 52,207 in January, according to the latest figures from Housesimple.

New stock in London was also up last month, increasing 8.1% to 23,440 compared to 21,677 in January.

Only three boroughs, Bexley, Newham and Kingston upon Thames, saw a drop in new property listings in February vs January.

However, new stock coming onto the market last month was 15 per cent down on the comparable month in 2018.

Huddersfield and York saw an increase of more than 50 per cent in new property listings, standing at 56.8% and 50.6% respectively.

Transactions drop

Sam Mitchell, CEO of Housesimple, said that seller activity picked up in February, heading towards the traditionally busy spring period.

He said: “Brexit uncertainty is feeding through to some areas of the country, particularly in and around London, where transaction levels have dropped off compared to the same time last year, but that’s not the picture everywhere.

“We are seeing a great deal of defiance from sellers, most noticeably in areas where regional economies are strong and affordability is not such an issue, such as Yorkshire and the North West.

“The impact on future market sentiment and outlook will vary depending on whether we get a deal or a no-deal Brexit, so it’s no surprise that savvy buyers are also looking to get deals done and lock in the best rates before the banks reconsider their mortgage offers. All eyes remain on the meaningful vote, the Spring Statement and of course 29th March.”

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