Property supply bounces back after Brexit uncertainty

The number of new properties coming on to the market jumped in July following a slowdown in the run-up to the EU referendum.

According to HouseSimple.com, new properties listed in July were up 3.4% on June across the UK, with almost two-thirds of towns and cities seeing an increase in supply.

In June, new property listings across the UK were down 7.3% and 12.8% in London as Brexit fears gripped the nation and sellers held off marketing their properties.

July saw supply recover, as sellers returned to the market in many areas across the country, despite uncertainty following the decision to leave the EU.

Supply rose in almost 62% of towns and cities across the UK, with new property listings up by more than a half in Durham and 32.5% in Hartlepool – both areas that voted leave in the EU referendum.

HouseSimple looks at data on 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.

Alex Gosling, CEO of online estate agents HouseSimple.com, said: “It’s been business as usual after Brexit in terms of activity, with many sellers who were waiting on the result of the referendum, now actively marketing their properties. The reality is that people need to sell for a whole host of reasons, and delaying post-Brexit is simply not an option if people are relocating for work or family reasons.

“On the ground, what was probably a sellers’ market before the vote is now going to be a more level playing field. That doesn’t mean that quality properties in desirable areas won’t still sell for close to or at asking price, but buyers are holding a few more cards now, and motivated sellers may need to more flexible on price negotiations.”

Top 10 UK towns and cities that experienced the biggest rises in new property listings in July

UK towns and cities that experienced the biggest falls in new property listings in July