The total number of new property listings In London was down by close to a quarter (22.3 percent) in August compared to July, according to the Property Supply Index by online estate agents HouseSimple.com
The estate agents noted that August is historically a quiet month for sellers marketing their properties, however the total number of new properties listed for sale last month was down by 5.9 percent compared to August 2016. The total number of new property listings across the UK fell by 13.1 percent last month compared to July.
HouseSimple.com analysed new properties marketed in over 100 major UK towns and cities in order to compile the latest Property Supply Index. Two thirds of towns and cities saw a drop in new properties being marketed in August vs July with Coventry (33 percent) and Winchester (31.1 percent) seeing the largest falls in new listings last month.
During August, 30 out of 32 London boroughs saw a drop off in new listings. Richmond saw the biggest fall, down 42.2 percent, of any borough for the second consecutive month. Bexley and Sutton saw increases in property supply in August vs July, of 17.4 percent and 8.4 percent respectively.
Chief executive of HouseSimple.com, Alex Gosling, commented: “Few people will be concerned by the drop off in new listings between July and August. More of a concern is the 5.9 percent drop off when comparing last month with the corresponding month in 2016. Supply continues to be a major issue.
“We never saw the post General Election boost in supply as sellers were worried about a lack of clarity around Brexit. Unfortunately, the Government has barely made a scratch on the surface when it comes to negotiations with the EU. But the initial panic has subsided, the General Election is a distant memory and property prices have stabilised.”
Mr Gosling continued: “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.”
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