Home movers still slowing
11th September 2018

The number of properties listed by estate agents fell for the third month running in August, down 6.9% against July, to the lowest level since January, according to the latest Property Supply Index compiled by online estate agents Housesimple.com.

New property supply fell below 62,000 last month, while in London, a 17.1% drop in new sellers was more than double the UK average.

King’s Lynn experienced the largest downturn in new 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.

In London, new supply has now fallen almost 30% from its high in June. Every London borough saw fewer new listings in August than July.

HouseSimple CEO Sam Mitchell said: 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 they prioritised 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 traditionally 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.”