It appears people are not put off from selling their homes in the midst of Brexit negotiations as new property listings are up by 20.2% month-on-month in September according to analysis of the market by online estate agent HouseSimple.com.
London, in particular, saw a 44% rise in new listings in September versus August.
That sends a different message about the health of the market compared with Nationwide data last week which showed a drop in London house prices for the first time in eight years.
The latest data implies that homeowners aren't put off from trying to sell their property prices despite price weakness. It is also perhaps why shares in London-focused estate agent Foxtons (FOXT) are up 3.8% to 67.2p.
HouseSimple.com CEO Alex Gosling believes a lack of property supply has been a big issue recently as sellers have had ‘post-Brexit, post General Election blues’.
‘Property prices have remained reassuringly stable and that has probably given sellers the confidence boost they needed to re-engage with the market,’ comments Gosling.
Every borough in London experienced a double-digit rise in new listings, including areas such as Hammersmith and Fulham, which suffered some of the biggest house price declines in London over the last few months.
Out of all the boroughs, Kensington and Chelsea appeared to have the biggest hike in sellers as new property listings in September surged by 108.5%.
Outside of London, it was a cloudier picture as the top five biggest supply risers last month were all in the south of England, including Oxford, Torquay, Chichester and Salisbury.
The biggest faller, Luton, was also in the south as new listings fell by 48%, while Gillingham listings slumped by 25%.
