Sellers are holding off putting their properties on the market over “fear and uncertainty” brought about by the Brexit vote.
According to online estate agents HouseSimple.com, more than two-thirds (68%) of UK towns and cities saw new property listings fall in June, with supply down 13% in London.
Alex Gosling, CEO of HouseSimple.com, said: “Fear and uncertainty over the Brexit vote definitely had an impact on buyer and seller confidence in June, with many sellers holding off putting their properties on the market until the result was known. Now we know, and although the decision has come as a bit of a shock, at least a degree of uncertainty has been taken out of the equation.”
HouseSimple.com’s latest property supply index found that Lichfield and Winchester registered the biggest drop in supply in June, with new property listings down 37% and 36.5% respectively. Four of the top 10 biggest fallers in June were in the South of England.
UK towns and cities that experienced the biggest falls in new property listings in June
| Town/City | Region | % fall in new listings in May vs April |
| Lichfield | West Midlands | -37.0% |
| Winchester | South | -36.5% |
| Chesterfield | East Midlands | -34.9% |
| Salisbury | South West | -33.3% |
| Exmouth | South | -29.8% |
| Hartlepool | North East | -29.6% |
| Bangor | Wales | -29.5% |
| Grimsby | Yorkshire and the Humber | -27.6% |
| Bath | South West | -24.4% |
| Weston-Super-Mare | South West | -19.9% |
Although the majority of areas saw supply levels fall in June, there were a few areas that bucked the trend. Biggest risers in June were the Scottish towns of Inverness and Stirling, where new property listings were up 30.5% and 18.5% respectively. Out of the top 10 risers, half the towns were in the South of England.
Data from HouseSimple.com showed that although the majority of areas saw supply levels fall in June, there were a few areas that bucked the trend. Biggest risers in June were the Scottish towns of Inverness and Stirling, where new property listings were up 30.5% and 18.5% respectively. Out of the top ten risers, half the towns were in the South of England.
UK towns and cities that experienced the biggest rises in new property listings in June
| Town/City | Region | % rise in new listings in May vs April |
| Inverness | Scotland | 30.5% |
| Stirling | Scotland | 18.7% |
| High Wycombe | South East | 17.9% |
| Huntingdon | East | 16.1% |
| Runcorn | North West | 15.8% |
| Newquay | South | 15.6% |
| Rugby | West Midlands | 14.2% |
| Lancaster | North West | 13.8% |
| Luton | South East | 13.1% |
| Crawley | South East | 12.2% |
In June, new properties listed across the capital fell by 12.8%, following a fall of 2.4% in May. Wandsworth and Waltham Forest saw the biggest drop in supply, both down 34.9%. This follows a big rise in supply in both these boroughs in May, with new property listings up 9.5% in Wandsworth and 31% in Waltham Forest.
Only five out of 32 boroughs saw an increase in supply last month, with new property listings in Barnet (up 11.4% in June) and Barking and Dagenham (up 8.8%) leading the way.
Gosling said that the property market could “now roll up its sleeves and get on with it”.
“Nothing has fundamentally changed overnight and people still need to buy and sell homes whatever the market conditions.
“We still have a supply shortage, and this may well counter any fallout from Brexit. There were concerns about the London market faltering, but demand is still strong in the capital and the weak pound should attract foreign investors looking to pick up bargains – particularly at the top end of the market.
“For the rest of the year, we may see a small dip in prices as there are choppy seas ahead, but it’s certainly not the end of the world levels predicted by some doom-mongers. Supply should hopefully edge up, as fears around the impact of Brexit dissipate, and sellers feel more confident about market conditions and the wider global economy.”
