More U.K. sellers entered the market in May as demand rose, resulting in a 54.6% year-over-year increase in the number of new listings, according to a report Wednesday by online real estate agency HouseSimple.
A total of 73,577 new properties were marketed by estate agents in May, the highest number in any single month since January 2017, when HouseSimple began tracking housing supply across 100 major U.K. towns and cities.
Compared to April, the number of new listings on the market increased 7.4%. About 79 towns and cities saw their new stock levels rise in May month-over-month.
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Additionally, eight out of the 10 broad geographical regions in the U.K. posted an increase in new listings, with the South East experiencing the biggest jump in May. Chichester and Oxford, both part of the South East region, saw new property listings up 98.3% and 58.2%, respectively, on a monthly basis.
"Buyers are showing real intent to purchase at the right price, especially with no sign of an interest rate rise on the horizon and some attractive mortgage deals on offer," said Sam Mitchell, chief executive of HouseSimple, in a news release.
In London, new listings rose 5.9% in May compared to April, slightly lagging behind the national average. The borough of Haringey in North London reported 18.7%—the largest—increase in new listings, followed by Kensington & Chelsea (18.3%) in West London.