Property supply stagnates in April
The online estate agent said although more than half (60%) of towns and cities actually saw a rise in supply last month, in many areas the increase was marginal. But the average was dragged down because some of the UK’s most populated towns and cities experienced large falls in new property listings in April.
Nottingham saw new property listings down almost 11%. Similarly in Glasgow and Newcastle, supply last month was down 10.5% and 8.9% respectively. New property listings in London fell by 0.8% in April versus March, with more than half of London’s 32 boroughs seeing a month-on-month decline in supply.
Inverness saw the biggest fall in supply, with new property listings in April down an enormous 29.1% on March.
Although many areas have seen constrained property supply in April, that’s not the case across the whole country.
Winchester experienced a massive 35.6% rise in new property listings in April compared to March, while Southport and Maidstone both saw a 25% rise in the same period.
Alex Gosling, CEO of HouseSimple.com, said: “Although 60% of UK’s towns and cities saw a increase in property supply in April, these rises weren’t nearly material enough to make a dent in the stock shortage. There’s simply not enough new stock coming onto the market to meet demand.”