The number of properties coming onto the market in Enfield increased by more than 10% this autumn, bucking a general decrease in London and the rest of the country.
The Property Supply Index, published by online estate agent Housesimple, shows that the number of new properties marketed in the north London borough rose by 13.5% in September compared to August and by 11.6% in October compared to September. The October figure bucks a fall of 1.5% on average in London and of 6.9% in the UK as a whole.
The rise in property listing in Enfield could be a sign that the market in the borough is recovering after a difficult summer: owners appeared to be holding off marketing their properties amid the uncertainty and the possible fall in house prices following Britain’s vote to leave the European Union.
In June, the number of properties marketed decreased by 13.4% on May: this followed a general trend in the country, with property supply down 7.3% nationally and 12.8% in the capital, according to the index, which looks at new properties listed in more than 100 UK towns, cities and all London boroughs.
But while the supply rose in Britain (+3.4%) and the capital (+13.7%) during the following month, Enfield experienced the largest fall of all London boroughs: listing was down 21.4% in July compared to June.
However, Enfield seems now to be bucking the country’s trend, as owners show new confidence that the market is strong enough to sell notwithstanding the political uncertainty.
The 13.5% September rise was three points above the UK average of 10.4%, despite being below the London average of 16.5%.
And in October, Enfield’s 11.6% increase made it the third best performing borough in the capital (after Brent and the City of Westminster), at a time when four out of five towns and cities are experiencing a fall.
Alex Gosling, CEO of Housesimple, confirmed that there had been an “unusual stock behaviour” since the EU Referendum. A third of towns and cities saw a supply increase over the summer, when it is usually expected to fall due to families heading off for their summer holidays. And an usually busy period as October saw a sharp fall.
But Enfield was one of the few exceptions, following the usual autumn trend and seeming to overcome the referendum shock.