Cold weather, Article 50 being triggered and the PM announcing snap General Election could be to blame for quiet April
April is traditionally a buoyant time for the property market and a strong Spring period often sets the tone for the rest of the year. But a combination of the cold weather and political uncertainty seems to have scared off sellers from marketing their properties last month, according to the latest UK Property Supply Index from HouseSimple.com.
Property supply fell 4% in April at a time when you would normally expect the number of new properties being listed to rise. The lack of new listings last month could be due to a number of factors, including an unusually cold spell that has swept the country, Theresa May triggering Article 50 at the end of March and then following that up by announcing a snap General Election mid April.
According to HouseSimple.com figures, some towns/cities like Runcorn, in the North West (supply down 33.9%) and Doncaster, in South Yorkshire (supply down 31.1%) saw a supply drought. While other areas such as Newquay, in the South (supply up 69%), experienced the traditional boost in supply we would expect this time of the year.
To compile the Property Supply Index, the web site looks at data from more than 500,000 listed properties* to track the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs.