Contrary to initial fears of the housing market being paralysed by Brexit fears, the latest research has shown a 10.4% rise in property supply UK-wide.
According to HouseSimple.com, listings of properties have bounced back after a particularly slow August, with 69% of UK towns and cities seeing an increase.
The capital saw a substantial leap of 16.5%, although Essex saw the largest increase of 68.1% in Basildon. Although the majority of the UK saw an uplift in July, over 30% saw a fall in new listings. The data revealed Falmouth in Cornwall saw a drop of 27.5% in property supply.
CEO of HouseSimple Alex Gosling mentioned that although the data does not indicate a tremendous increase in supply post August’s lull, a 10% growth shows market strength despite political uncertainty. The number of listings has certainly defied predictions of the post-Brexit picture.
Gosling also referenced the interest rate cuts in regards to market restoration: “Equally, with the recent interest rate cut putting a spring in the step of buyers – and a further cut on the cards – a degree of market equilibrium may be restored. What was a sellers’ market before the Referendum vote and buyers’ market in the initial months after it may now be somewhere in between. This is no bad thing.”