The supply of properties for sale in the UK has increased for the third month in a row with towns in Scotland seeing the biggest rise in new listings, the latest research shows.
Supply in Stirling and Dundee was up 87.8% and 70.9% respectively while new listings in London stagnated in March, down 0.3% on average, according to the index figures from online estate agent HouseSimple.
The index, which uses data from more than 500,000 listed properties in towns and cities and all London boroughs, shows that overall, the UK saw property listings increase in 76% in March.
After Stirling and Dundee the next highest rise in supply was in Guildford with a rise of 51,8%, followed by Salford up 45.5%, Bath up 44.6%, Worcester up 38.8%, Rochdale up 38.1%, Taunton up 36.7%, Sheffield up 36% and Huddersfield up 35.7%.
Of the 25% of towns and cities that saw supply fall in March, Telford experienced the biggest drop in the number of new listings, down 23.3%. While Barnsley and Warrington saw supply fall 13.9% and 12.1% respectively.
Other locations where supply fell include Chichester down 12%, High Wycombe down 11.5%, Halifax down 11.1%, Bedford down 10.4%, Derby down 10.2%, Southport down 7.5% and Cardiff down 7.4%.
In London the boroughs of Lewisham and Hounslow experienced the steepest drop off in property supply, with new listings falling 41.4% and 40% respectively. Wandsworth saw a fall of 29.3%, Ealing was down 29.2% and Hackney down 25.9%.
Growth in supply in London is led by Kingston Upon Thames with a rise of 57%, Redbridge up 19.2%, Greenwich up 16.4%, Haringey up 15.9% and Richmond Upon Thames up 14.1%.
‘Although new listings were up in March, we’d have hoped to see more sellers, particularly in London, putting their homes on the market as we enter the Spring’s peak property selling season,’ said Alex Gosling, chief executive officer of HouseSimple.
‘We need a supply boost in April, because the demand from buyers remains strong and thanks to the continued competitive mortgage deals still on offer, they are more than committed to purchasing,’ he added.