UK property supply increased by 3.7% month-on-month in March, according to the latest report from House Simple. This was the third straight month in which supply has risen.
This said, new listings in the capital fell flat during the last month, sliding by 0.3% over the period. The largest falls were experienced in Lewisham and Hounslow, with new listings dropping by 41.4% and 40% respectively.
When London is excluded from the findings, UK property supply actually rose by 10.3%, which is a firm example of the divide being seen across Britain.
In fact, listings increased in more than three quarters of UK towns and cities in March. Stirling and Dundee, both in Scotland saw the largest rises in supply, with 87.8% and 70.9%.
Of the 25% of cities and towns that saw a fall in supply during March, Telford saw the largest drop, with figures down by 23.3%. Barnsley and Warrington also saw substantial falls, of 13.9% and 12.1% respectively.
Alex Gosling, CEO of House Simple, observed: ‘Although new listings were up in March, we’d have hoped to see more sellers, particularly in London, putting their homes on the market as we enter the Spring’s peak property selling season.’
‘We need a supply boost in April, because the demand from buyers remains strong and thanks to the continued competitive mortgage deals still on offer, they are more than committed to purchasing,’ he added.