New listings dip in August

by Theo Hildebrand on Invalid date

The number of new property listings in the UK fell by -13.2% in August, according to our latest Property Supply Index.

In August, 51,809 new property listings were recorded across 100 major UK towns and cities, down from 59,710 in July 2019. 

The decline in new listings was expected, as homeowners always go away on holiday during August, before returning to the market in September, traditionally one of the busiest months of the year for new listings.

Londoners were particularly keen to get away from the hustle and bustle this year, with new property listings down (-19.9%) in August 2019 compared to July 2019, with the capital weighing down the overall UK average. Excluding London, there was a -8.7% fall in new homes to the market across the country in August.

Scotland (-2.10%) and the North East (-2.40) saw the lowest reduction in new property listings in August and held strong against the more substantial falls reported elsewhere across the UK.

Our CEO Sam Mitchell believes two things traditionally happen in the property market in August. First, homeowners stay away, choosing instead to recharge in the sun for a few weeks. And secondly, those that have already sold-up tend to move, with 30th August being the busiest day of the year for actually moving home.

As a result, it’s no great surprise that listings dip in August. But if you are a vendor who did list your property in August you benefit from less competition from other vendors and continuing buyer demand and strong mortgage approvals.

The more interesting question will be how much listings bounce back in September, we usually see a 15-20% increase in listings between August and September. On the one hand, Brexit uncertainty may impact new listings, while other vendors may look to get their properties over the line before the deadline on 31st October. 

Our advice to sellers is to keep calm and carry on. People generally move for a specific reason- a bigger house for a growing family, a new job or a new school. Life does not wait for politics and neither should sellers.

The following table shows regional differences in new sellers listing their properties in August 2019 vs July 2019:

Ranking

Region

% increase in new listings in July 2019 vs June 2019

1

Scotland

-2.10%

2

North East

-2.40%

3

Wales

-6.30%

4

East Midlands

-6.80%

5

North West

-7.20%

6

East of England

-7.90%

7

Yorkshire

-9.30%

8

West Midlands

-11.50%

9

South East

-11.50%

10

South West

-13.80%

11

South of England

-15.60%

12

London

-19.90%

 

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