More homeowners opt to sell
More than three quarters (78%) of London boroughs have seen an increase in new properties being marketed in the past month, while in Swindon new property listings increased by 47%).
Alex Gosling, chief executive of online estate agents HouseSimple.com, 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.”