The number of new property listings coming on to the market fell by 13.1% in August in comparison to July, according to new research from HouseSimple.com.
Traditionally, August is a quiet month for sellers marketing their properties, but even taking this into account, new properties listed for sale during the last month were down by 5.9% on the corresponding month in 2016.
New Listing Falls
According to the research, Coventry and Winchester saw the largest falls. However, two-thirds of towns and cities saw a fall in new properties being marketed month-on-month.
Other locations seeing a larger fall in supply levels were Salford, Oxford and Durham, where levels were down 28.5%, 25.6% and 25% respectively.
On the other hand, the areas seeing the largest rises in supply were led by Darlington, Falmouth and Warwick, where listings increased by 29.9%, 28.6% and 28% respectively.
In the capital, 30 out of 32 boroughs saw a fall in new listings during the last month. Richmond saw the largest fall of 42.2%. Only Bexley and Sutton recorded an increase in property supply, with rises of 17.4% and 8.4%.
New UK property listings fell by over 13% in August
Concern
Alex Gosling, Chief Executive of HouseSimple, noted: ‘August tends to be a quiet month for property transactions and new sales instructions. Not surprisingly, supply fell substantially as the country went on its summer break but few people will be concerned by the drop off in new listings. More of a concern is the 5.9% drop off when comparing last month with the corresponding month in 2016. Supply continues to be a major issue.’
‘The property market needs a strong September after a subdued period since the general election. Hopefully a line will have been drawn under the first half of the year, concerns about economic conditions will have dissipated, and buyers and sellers will come back from their summer break with renewed confidence to move forward.’[1]
[1] http://www.propertywire.com/news/uk/new-property-listings-uk-13-august-latest-figures-show/