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Number of new property listings jumps in May

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The number of new properties listed for sale jumped by 7.4 per cent in May, according to the latest survey by online estate agents Housesimple.

In total 73,577 new properties were listed for sale in 100 major UK towns and cities.

This is a 54.6 per cent increase on the same month last year, and the highest monthly figure since the estate agent began collating this data, at the start of 2017.

In more than three-quarters of the towns surveyed (79 per cent) stock levels rose in May when compared with the previous month. This is a reverse on the previous month where 57.6 per cent of areas saw property supply levels fall between April and March.

The figures show there is considerable regional variation. Chichester and Oxford in the South East showed the biggest increase in new properties for sale, up by 98.3 per cent and 58.2 per cent respectively.

Mansfield, Truro, Loughborough and Salisbury also saw rises of more than 20 per cent.

At the other end of the scale, the number of new properties for sale fell by 46 per cent in Huntingdon, in the East of England, when compared to the previous month. Stirling, Sale, Stoke-on-Trent and Barnsley all saw the supply of new properties decline in May.

In London the supply of new properties rose by 5.9 per cent in May, when compared to the previous month. The boroughs with the biggest jump in new property listings include Haringey (up 18.7 per cent) Kensington & Chelsea (up 18.3 per cent) and Merton (up 17.1 per cent).

Many economists have cited a lack of supply for sluggish growth in the housing market.

Housesimple.com’s chief executive Sam Mitchell says: “May saw a healthy boost in stock coming onto the market with eight out of 10 areas experiencing an increase in new listing.”

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