Big surge in properties coming to market despite Brexit jitters

There’s been a big rise in the number of homes being listed for sale despite ongoing concerns over Brexit.

That’s the news from HouseSimple, the online agency which compiles a monthly survey of homes from 100 key cities and towns listed for sale on property platform Home.

New property listings in January were up by 64 per cent on the previous month, rising from 31,825 to 52,207. 

New stock in London also increased significantly last month, up by 70.6 per cent to 21,677 versus 12,709 in December.

Amongst provincial cities and towns the largest rises in January over the previous month were seen in Hastings (up 212.1 per cent), Southend (up 191.7 per cent) and Torquay (up 178.3 per cent).

Within the capital, new properties listed in Bromley in January were up 270.6 per cent on December. Three other boroughs, Havering, Redbridge and Barnet, saw new listings double last month.

“We would normally expect to see activity pick up in the New Year, but no-one was quite sure how sellers and buyers would react to the amplified Brexit uncertainty in January. In the end, it proved to be a busy month for sellers in particular, and even with the distraction of the Commons vote mid-month, homeowners were keen to make up for lost time” claims Sam Mitchell, HouseSimple chief executive. 

“We’re seeing a ‘life goes on’ attitude amongst homeowners, and many view the current political climate as an opportunity to market and secure a sale while there is less competition around” he adds.

“If the odds improve on a Brexit deal, we could see a cavalry charge of sellers putting their homes on the market. What we won’t necessarily see is an immediate surge in buyers, and savvy sellers may see this period of Brexit limbo as the perfect opportunity to market and have the pick of the buyers out there.”