HouseSimple – Property listings fall for the first time in 2018
New listings were down 6 percent across the UK, and 12.7 per cent in London in July, according to data from HouseSimple.
This equates to just under 67,000 listings versus 70,000 in June and marks the first dip of the year. However, further examination reveals that in 55.7 per cent of the towns and cities studies, stock levels were actually up on a monthly basis.
Poole, Salford, and King’s Lynn saw the biggest increase in fresh stock, at 42.8 per cent, 38.5 per cent, and 33.8 per cent, respectively.
Blackburn suffered a drop of 48.6 per cent, Winchester listings fell 36.4 per cent, and Lichfield came in with the third-lowest, at minus 32.4 per cent.
HouseSimple puts the overall listings fall down to the blisteringly hot weather that has engulfed much of the country in the last month.
Chief executive Sam Mitchell says: “The summer months tend to see a drop off in buyer and seller activity as families head overseas on their holidays. This year, more families chose to stay at home and we might have expected to see a mini boost in supply as a result. However, no-one predicted we’d have such a glorious July, and it’s hardly surprising people headed to the beach rather than the estate agent.
“There’s no evidence to suggest that buyers and sellers are withdrawing, and even yesterday’s rate rise is unlikely to have a dramatic impact on the market. We may well see subdued seller activity in August as more hot weather is predicted, and then the hope is for a strong September as we enter the crucial Autumn period up to Christmas.”
Source: Mortgage Strategy