Number of homes for sale shoots up nearly 20 per cent in recent weeks

There has been a 19.9 per cent increase in new property listings, with some locations seeing as many as 80 per cent more homes for sale during February.

A monthly market monitor undertaken by online agency HouseSimple - which uses as its basis around 700,000 properties for sale in major towns and cities and listed on the website Home - says that during February London says a 14.9 per cent rise in new homes on the market, with Dundee in Scotland seeing no fewer than 82.2 per cent more.

More than nine out of 10 towns and cities saw an increase in new sellers in February compared to January, but at the other end of the spectrum Rugby in Warwickshire witnessed a 16.4 per cent fall in listings.

Sam Mitchell, HouseSimple’s chief executive, says: “It’s encouraging to see that a healthy January in terms of replenishing stock levels has been followed by a strong February. However we do need to put this increase into perspective. 

“The number of new sellers marketing last month was actually only 2.5 per cent higher than the corresponding month in 2017. This suggests that rather than a sudden rush of sellers, that we have simply seen normal seller numbers in January and February after an extremely slow December.

“The cold hard facts are that the property market is still in dire need of more stock, but at least stock levels are going in the right direction and sellers should hopefully be encouraged by signs that buyers are showing more intent to make offers. 

“The next couple of months, as we enter the spring period, will be crucial to maintain momentum, and especially this year as Brexit rhetoric ramps up. The market has proved robust enough to deflect Brexit concerns so far, but a slow spring could leave the market vulnerable if the UK economy begins to stutter.”