New property listings fell 1.9% in June compared to May following the shock election result, according to online estate agents HouseSimple.com.
The decision to call a snap general election has backfired spectacularly for Theresa May and coupled with fears over Brexit, the housing market is suffering from a crisis of confidence.
The post-election spike in new property listings failed to materialise. Prices have fallen or stalled in many areas, with homeowners choosing to stick rather than sell.
Of the 100 towns and cities analysed, 81% of areas saw property supply fall in June compared to May.
Dundee and Barnsley registered the biggest drop offs in property supply, down 48.1% and 39.3% last month.
Of the few areas that saw a rise in new listings in June, Lichfield and Hartlepool registered substantial gains of 20.6% and 18.7% respectively.
The capital bucked the trend, with property supply up 5.3% across the boroughs. Sutton stood out with new property listings in June up by more than half (54.1%) compared to May.
Alex Gosling, CEO of online estate agents HouseSimple.com, said: “The supply drought continues. The property market was hoping for a downpour of new stock in June, but the Conservatives crawling over the line failed to deliver the injection of confidence the market needed, and put paid to any chance of a late spring bounce. Price growth has stalled, and sellers, it appears, are choosing to stay put, rather than accept marketing their properties at a lower price then they might have done a few months ago.
“Sellers maybe need a dose of reality, because price growth slowing should not be the only reason to hold-off moving. The housing market overheated and it was inevitably going to cool at some point. If sellers are waiting for prices to go up again, that could be a long wait. If anything, homeowners should see this as a good climate to sell as long as they price correctly. If prices have dropped where they live, they are likely to have dropped, possibly by even more, in the area they’re planning to buy.”
The 10 UK towns and cities that experienced the biggest decreases in new property listings in June versus May
| Town/City | Region | % fall in new listings in June vs May |
| Dundee | Scotland | -48.1% |
| Barnsley | South Yorkshire | -39.3% |
| Sunderland | North East | -25.2% |
| Torquay | South West | -25.1% |
| Hereford | West Midlands | -24.5% |
| Slough | South East | -23.8% |
| Hemel Hempstead | East | -22.1% |
| Bolton | North West | -21.5% |
| Ipswich | East | -21.1% |
| Rotherham | South Yorkshire | -20.6% |
The 10 UK towns and cities that experienced the biggest increases in new property listings in June versus May
| Town/City | Region | % rise in new listings in June vs May |
| Lichfield | West Midlands | 20.6% |
| Hartlepool | North East | 18.7% |
| Peterborough | East | 17.2% |
| Cambridge | East | 16.4% |
| Southampton | South East | 13.4% |
| Hull | East Yorkshire | 12.9% |
| Gateshead | North East | 12.3% |
| Aberdeen | Scotland | 12.1% |
| Warwick | West Midlands | 11.9% |
| Oldham | North West | 11.6% |
[box style=”4″]
What Mortgage has teamed up with London & Country to offer you expert advice on the right mortgage deal.
Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.
[/box]
Loading ...