The number of new property listings crashed by up to 12% in certain regions of the UK in July according to new data from online estate agent HouseSimple.com, which blamed the sweltering weather for the decline.
Every month the agent looks at new properties listed in more than 100 towns and cities across the UK. It found that in July the number of new listings dropped to below 67,000, having topped 70,000 the month before.
It’s the first time there has been a monthly dip in the new supply of properties since December 2017.
Regional variances
While the overall drop was of around 6%, there were significant regional variations. Blackburn in the north west for example saw a massive 48.6% drop in new listings, while Winchester, Lichfield, Perth, York and Chelmsford all saw falls of at least 25%.
Other areas saw a stark increase in new listings. Poole in the south for example saw a jump of 42.8% in new properties hitting the market, while Salford in the north west enjoyed a rise of 38.5%. Other areas to see big increases include King’s Lynn (33.8%), Sale, 30.8%) and Inverness (28.9%).
What about London?
New supply levels hit a three-year high in London in June, but this was followed by a significant fall in July according to HouseSimple. New listings dropped by 12.7% across the capital, with every borough bar Newham seeing stock levels fall.
The biggest fall was in Camden, where new properties hitting the market crashed by 29.9%, while Kensington and Chelsea (26.1%), Hackney (24.1%), Richmond upon Thames (21.3%) and Hammersmith and Fulham (18.5%) all saw sharp declines.
The year ahead
Sam Mitchell, chief executive officer of HouseSImple, noted that the summer months tend to see a drop off in activity as families head off on their holidays, while the glorious weather meant that even those who were still in the UK were less inclined to head to their local estate agent branch.
He continued: “We may well see subdued seller activity in August as more hot weather is predicted, and then the hope is for a strong September as we enter the crucial Autumn period up to Christmas.
“However, for sellers who might want to steal a march on the competition, putting your property on in August when stock levels are lower could pay dividends, as buyers will have less choice over the next few weeks.”
