More homeowners putting properties on the market

Two thirds of major towns and cities in the UK have seen a rise in the number of new properties being marketed in June 2015 compared to May 2015, according to new research by online estate agents

Pay-as-you-go agent has compiled a Property Supply Index looking at the number of new properties listed every week on the property portal Rightmove, in more than 100 major towns and cities across the UK.

These figures reveal that, although new stock levels remain low overall across the country, homeowners are finally starting to market their properties, with a large number of towns and cities seeing a pick up in new property listings in the past month.

Alex Gosling, CEO of online estate agents, said: “A stampede of sellers coming to market was expected after the General Election result, but that stampede never materialised.

“In fact, for the first few weeks there appeared to be a fair amount of caution and reluctance amongst sellers to market. This may have been a case of waiting to see if property prices might start to rise rapidly with the confidence generated by a stable, majority government. Now it appears sellers have waited long enough, and we’re starting to see some movement.

“New stock levels are still quite low, but it will be reassuring for the market to see that two thirds of UK towns and cities have seen stock levels rise in the past month. The market still needs more stock to temper house price growth. One of the reasons why prices haven’t cooled, and are seemingly on a relentless upwards trajectory, has been a lack of new properties coming onto the market, especially in London. Hopefully, we’re going to start seeing a rebalancing of supply and demand.”

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