Property supply falls for the third consecutive month
by Jonny Stevens on 9th September 2018
As the country enjoyed the hottest summer on record, new property listings across the UK fell for the third month running, down 6.9% in August versus July, according to our latest research.
The Property Supply Index looks at the number of new properties being listed by estate agents every month in 100 major UK towns and cities.
New property supply fell below 62,000 last month, the lowest level since January 2018. While in London, there was a 17.1% drop in new sellers last month, more than double the UK average. This drop in new supply can be placed firmly at the feet of unseasonally hot weather, as homeowners chose barbeques and beaches over selling their properties.
King's Lynn experienced the largest downturn in new property listings last month, down 36.4% on July. Rugby in the West Midlands saw almost a third ( 31.7%** )**fewer new listings. Conversely, Stoke-on-Trent and Lichfield, also in the West Midlands,experienced a 40% boost in new property stock last month.
The following table shows the ten UK towns and cities which saw the biggest drop off in new sellers in August versus July:
|Town/City||Region||% Decrease in new listings August vs July|
The following table shows the ten UK towns and cities which saw the largest increase in new sellers in August versus July:
|Town/City||Region||% Increase in new listings August vs July|
Following on from a fall in new property supply of 12.7% in July, new listings were down a further 17.1% last month in the capital. New supply has now fallen almost 30% from its high in June. Every London borough saw fewer new listings in August than the previous month
The boroughs of Barnet and Haringey saw the largest drop in new property listings, down 30.4% in August versus July. Barking and Dagenham saw the smallest fall in new listings, down just 1.2% last month.
The following table shows the five London boroughs which saw the greatest decrease in the number of new sellers in August versus July:
|London Borough||% Decrease in August vs July|
|Kensington & Chelsea||-27.1%|
|City of Westminster||-26.6%|
Sam Mitchell, CEO of HouseSimple.com, comments: "One of the hottest summers on record has inevitably had an impact on the property market. Although, properties are selling, Brits understandably took advantage of the fantastic weather, and it's no surprise theyprioritised spending time outside and taking a holiday over moving home.
"Saying that, we did see plenty of sales going through, and the hot summer provided keen sellers with an opportunity to steal a march on the competition and secure a sale while there were less properties on the market.
"Now we are entering one of the tradtionally busy periods for the property market. We would expect to see a significant increase in new listings in September and October and sellers will face stiffer competition. But priced correctly, properties are selling despite the Brexit cloud looming overhead."