Supply crisis eases as stock levels rise again

The number of new properties coming onto the market across the UK increased for the second consecutive month in October.

Online estate agents HouseSimple.com said its data will raise hopes that the UK’s property supply crisis is starting to ease.

September saw new property listings up 9.1%, following several months where new supply had dried up.

Listings rose another 2.8% in October while listings in London were up 3.8%.

Merseyside town Bootle saw the biggest rise in new property listings in October at 47.4%, although supply in Sunderland dropped by 20.5%.

HouseSimple.com tracks the number of new properties listed on Rightmove every month, in more than 100 major towns and cities across the UK and all London boroughs.

Chief executive Alex Gosling said: “Average property prices in the UK hit a record high in October, reaching almost £200,000 according to the latest Nationwide’s house price index.

“Lack of supply has contributed to this, but there is a glimmer of hope the UK’s supply crisis may be starting to ease.

“We are starting to see more new properties coming to the market, but levels are still well down on what would be considered healthy levels.

“There is still a massive demand supply imbalance, and in many towns and cities the numbers of new property listings fluctuates dramatically from month to month.

“Until we start to see consistent and stable increases in supply, the market is likely to see upward pressure on prices continue."