Hastings bucks national property trend

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Hastings has gone against a ‘property supply stagnation’ trend according to research by an online estate agents.

The town saw an 18.5 per cent increase in new property listings in April versus March, compared to a national increase of 0.5 per cent, said HouseSimple.com.

Although more than half – 60 per cent – of towns and cities saw an increase in supply last month, in many areas the increase was marginal and some of the UK’s most populated towns and cities experienced large falls in property listings.

To compile the Property Supply Index, HouseSimple.com tracked the number of new properties marketed every month in more than 100 major cities and towns.

Alex Gosling, chief executive of HouseSimple.com, said: “Although 60 per cent of UK’s towns and cities saw a increase in property supply in April, these rises weren’t nearly material enough to make a dent in the stock shortage.

“There’s simply not enough new stock coming onto the market to meet demand.

“April saw the stamp duty hike on second homes at the start of the month feed through to a massive rise in the supply of rental properties.

“The residential sales market could do with a similar spurt in supply.

“However, there is a possible knock on effect for the sales market.

“With an expected drop off in buy-to-let investors purchasing properties because of the three per cent surcharge on second homes and buy-to-let properties, this may help to redress slightly the demand supply imbalance, offering first-time buyers in particular opportunities to purchase, until the supply tap is turned on again.”

Hastings was 10th nationally for the biggest rise in property supply.

Winchester topped the table with a rise of 35.6 per cent.

The biggest decrease nationally was Inverness which saw listings drop by 29.1 per cent from March to April.

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