The number of properties listed for sale across the UK leapt to its highest level since the beginning of last year with a major pickup towards the end of May.
Last month saw 73,577 new homes being listed on the market by sellers using estate agents, according to data from HouseSimple looking at 100 major towns and cities across the UK, marking the strongest month since early 2017 and a 54.6% rise on the number of properties listed this time last year.
The market is 7.4% more active than in April when 68,500 homes went up for sale, while 79% of towns and cities saw an increase in new listings in May, contrasting the 57.6% who saw listings fall in April.
More stock in eight out of 10 areas
The cities with the highest number of new homes on the market were Chichester, which was up a massive 98.3% compared to the previous month, and Oxford where 58.2% more properties were put up for sale than in April.
Sam Mitchell, chief executive of HouseSimple, said: “May saw a healthy boost in stock coming on to the market, with eight out of ten areas experiencing an increase in new listings.
“Although market conditions were a little subdued in the early part of May, there was a noticeable pick-up in activity in the second half of the month.”
Appealing to buyers
While it seems that homeowners are keen to get the ball rolling on selling their homes after a quiet start to the year, it is important that the price is right for buyers if they want to make a successful sale, as many parts of the country are still seeing properties go for less than asking price – particularly in the south of England.
Mitchell added: “Good weather always brings out the buyers, and June is predicted to be a hot month. Hopefully this will encourage committed sellers to take this window of opportunity and continue the momentum built up in April.
“Buyers are showing real intent to purchase at the right price, especially with no sign of an interest rate rise on the horizon and some attractive mortgage deals on offer.”
Interestingly, five out of the top 10 places to have seen the biggest rise in property listings in May were in the south-east, which could be an indication of increased confidence in these markets which have been faltering recently – although time will tell whether buyer confidence will match this sentiment in the months ahead.
