The number of new property listings in the UK fell by a whopping 13.2 per cent in August according to online agency Housesimple, which conducts a monthly assessment of 100 major towns and cities across the country.
Last month 51,809 new listings were recorded across the towns and cities, down from 59,710 in July.
The agency says a decline in new listings was expected, because of the summer season and ahead of September, traditionally one of the busiest months of the year for new listings; however, it is unknown how the latest political volatility and the possibility of a General Election may affect the market going forward.
London listings were sharply cut in August, down 19.9 per cent compared to the previous month; excluding London there was an 8.7 per cent drop in new homes coming to the market.
Scotland and the North East saw the lowest reduction in new property listings in August - both under 2.5 per cent drops - and held strong against the more substantial falls reported elsewhere across the UK.
“It’s no great surprise that listings dip in August … The more interesting question will be how much listings bounce back in September, we usually see a 15 to 20 per cent 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 October 31” explains Sam Mitchell, chief executive at Housesimple.
Here are the regional falls in property listings recorded by Housesimple in August:
- Scotland down 2.1 per cent;
- North East England down 2.4 per cent;
- Wales down 6.3 per cent;
- East Midlands down 6.8 per cent;
- North West down 7.2 per cent;
- East of England down 7.9 per cent;
- Yorkshire down 9.3 per cent;
- West Midlands down 11.5 per cent;
- South East down 11.5 per cent;
- South West down 13.8 per cent;
- Southern England down 15.6 per cent;
- London down 19.9 per cent.