June property supply index
by Housesimple on 7th July 2018
As three-quarters of towns and cities across the UK saw a drop in new properties coming onto the market in June, in London, new supply was actually up last month, reaching a level not seen in more than three years.
Almost 33,000 new properties (32,927) came onto the market in the capital last month, the highest number since pre-June 2015*. The Property Supply Index looks at the number of new properties listed by estate agents every month across more than 100 major UK towns and cities.
New home sellers were up 2.8% in London in June vs. May, while across the UK, new supply fell slightly, down 3.8% last month, the first drop in supply since December 2017. However, despite new property numbers falling in June, it was still the second month in a row where new supply surpassed 70,000. Across the 100 major UK towns and cities, 70,775 new properties were marketed by estate agents in June, compared to 73,577 in May.
New property listings in June across the UK were also 60.4% higher than the corresponding month in 2017. While more than three quarters (76.6%) of towns and cities saw new stock levels fall in June vs. May. Salford in the North West, saw the largest drop off in supply last month, with new listings down a third (32.8%) on May. While new supply in Lichfield was up 27.6% in June.
The following table shows the ten UK towns and cities which saw the biggest drop off in new sellers in June versus May:
% decrease in new listings in June vs May
Stockton on Tees
The following table shows the five UK towns and cities which saw the largest increase in new sellers in June versus May:
% increase in new listings in June vs May
Yorkshire & the Humber
London bucked the UK-wide trend, with new properties listed by estate agents up 2.8% in June, reaching levels not seen in more than three years. Camden saw almost a third more new homeowners listing their properties in June compared to the previous month. The Royal Borough of Kensington and Chelsea, and the borough of Hammersmith and Fulham, saw new property listings fall 9.5% and 8.6% respectively in June vs. May
The following table shows the five London boroughs which saw the highest number of new sellers listing in June vs. May:
% increase in new listings
in June vs. May
Barking & Dagenham
Sam Mitchell, CEO of HouseSimple, comments: “Although new property supply fell slightly in June, listings still exceeded 70,000 for the second consecutive month across the 100 towns and cities we analysed. Seller activity has picked up noticeably since mid-May, particularly in London, where prices have cooled. Buyers are viewing a lot more properties before they make an offer, and with more sellers listing in the past month, buyers inevitably have more choice.
“More than ever, the key for motivated sellers is to price correctly and competitively to attract buyers. It’s important to do your research, to check what properties are selling for on your street and in the nearby area. This is probably not the right market to price high, hoping to squeeze a little more money out of buyers. Although we are seeing real intent from buyers to purchase, even with Brexit looming, they are more willing to move onto the next property, or wait-and-see, if they believe the price is too high.”