January brings welcome increase in number of properties on the market

There was a 40 percent rise in the number of new sellers listing their properties with estate agents across the UK in January, boosting the number of homes on the market.

Last year had seen record low stock on estate agent books, the lowest in 40 years according to the Royal Institution of Chartered Surveyors (RICS).

However, figures from online estate agency listings company HouseSimple showed a large increase in the number of properties being marketed from December to January. Looking at listings from firms in 100 towns and cities across the UK, HouseSimple revealed there were 34,597 in the last month of 2017, compared to 48,538 in the first month of 2018.

In London, new listings leapt by nearly 80 percent, up to 24,004 in January, with every borough reporting a rise. Meanwhile, 10 percent of surveyed towns and cities said their property listings had more than doubled.

Sam Mitchell, chief executive of HouseSimple, said: "After 2017 ended with a whimper, the property marked has enjoyed a much-needed New Year bounce in new supply. This boost does need to be put into context, thought, as new listings are still at very low levels.

"The market desperately needs a few more health months to fill the supply reservoir. For anyone thinking of selling their property over the next few months, they can be reassured there are committed buyers out there."