Housing supply

UK property supply falls

New property listings have fallen for the second consecutive month, research has shown.

The latest Property Supply Index by online estate agents HouseSimple.com has found that listings dropped by 1.6% in July, following a drop of 1.9% in June – a combined post-election decline of 3.5%.

Out of the 100 UK towns and cities surveyed, more areas saw an increase in property supply in July compared with June, however, overall there was a fall.

Newquay (30%) and King’s Lynn (25.6%) saw the largest decreases in new listings in July, while Dundee (96.9%) and Truro (55.2%) experienced the biggest increases.

Alex Gosling, CEO of HouseSimple.com, said: “Right now it feels like sellers aren’t really sure what to do. 

“There is so much negative press around Brexit and very little confidence in the government after such a calamitous election campaign; and fear and uncertainty is weighing heavily on house price growth. 

“We were expecting to see a late-spring boost in new properties being listed in June and a stronger than usual early summer, but neither has materialised. 

“Sellers are in limbo. 

“Do they sell while prices are dropping, or do they stay put and see what happens over the coming months, when the government should hopefully have a clearer Brexit plan? 

“It does already feel like a semblance of normality is starting to return to the market, and by the end of the summer, the election will be a distant memory so we could well see a strong September in terms of activity.”

Property supply in London fell by more than twice the UK average in July (down 4%). 

The biggest increases in supply in the capital were to be found in the outer London boroughs, such as Redbridge (22.7%) and Sutton (13.2%).

The areas with the biggest growth in supply:

Property supply

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