New listings still strong as market begins to cool in summer heatwave

by Theo Hildebrand on 5th August 2019

The number of new property listings across 100 major UK towns and cities fell by -3.3% in July, according to our latest Property Supply Index.

The start of the traditional summer slowdown of the UK property market was evident in the latest figures, as new property listings declined from their early summer peak. However, the slowdown between June and July was gentler this year (-3.3%) than in 2018 (--5.9%). With 59,710 new property listings coming to market, July was the third-best month for listings this year (after May and June), an indication that underlying momentum within the market remained strong.

There was regional variation within the national figures. The East Midlands had a 1.5% rise in new property listings, with notable rises in this region in both Lincoln (22.5%) and Mansfield (21.1%). There was also marginal growth in Yorkshire (0.9%) and the West Midlands (0.1%) in July. 

Meanwhile, the greatest fall in property supply was reported in Wales (-7.1%), where Swansea (-8.6%), Cardiff (-7.6%) and Newport (-4.4%) all saw a reduction in the number of new homes to the market. 

The North East experienced a -6.9% fall in new property listings in July, impacted most by the -17.8% reduction in Gateshead and a -12.5% drop in Newcastle upon Tyne. 

London house sellers also felt the heat with new supply down -3.8% in the capital from June to July. While new sellers came out strongly in Croydon (9.2%) and Greenwich (8.8%), less new listings were reported in Bexley (-15.7%) and Lambeth (-13.6%) in July. 

Housesimple CEO Sam Mitchell believes it's not unusual for the start of the summer holidays to lead to a drop in new property listings, and for this trend continue into August, as people go away for their summer holidays or make the most of the British summertime.

However, those not jetting abroad should consider using this time as a chance to list their property and make the most of the reduced competition. As uncertainty about Brexit and policy changes likely to increase in the months to come, smart sellers should look to take advantage of the relative calm of the summer to get their moves over the line.

The Housesimple Property Supply Index, issued monthly, analyses the number of new properties listed each month by estate agents across more than 100 major UK towns and cities. 

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

Ranking

Region

% increase in new listings in July 2019 vs June 2019

1

East Midlands

1.50%

2

Yorkshire

0.90%

3

West Midlands

0.10%

4

South of England

-0.40%

5

South East

-2.10%

6

South West

-2.90%

7

London

-3.80%

8

Scotland

-4.70%

9

East of England

-5.10%

10

North West

-5.80%

11

North East

-6.90%

12

Wales

-7.10%

The following table shows the five UK towns and cities that experienced the biggest increase in new sellers listing their properties in July 2019 vs June 2019:

Town/City

Region

% increase in new listings in July 2019 vs June 2019

Truro

South of England

52.2

Huntingdon

East of England

36.6

Preston

North West

33.1

Chelmsford

East of England

24.4

Mansfield

East Midlands

21.8

The following table shows the five UK towns and cities that experienced the biggest decrease in new sellers listing their properties in July 2019 vs June 2019:

Town/City

Region

% increase in new listings in July 2019 vs June 2019

Nuneaton

West Midlands

-23.7

Halifax

West Yorkshire

-24.6

King's Lynn

East of England

-24.7

Bolton

North West

-42.6

Bootle

North West

-71.0

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