UK property supply leap defies fear of post-Brexit paralysis

UK property supply leap defies fear of post-Brexit paralysis

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.”

Georgia Owen

Georgia is the Content Executive and will be your primary contact when submitting your latest news. While studying for an LLB at the University of Liverpool, Georgia gained experience working within retail, as well as social media management. She later went on to work for a local newspaper, before starting at Today’s Conveyancer.

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