Number of property listings plunges 10% in July
The number of new properties listed for sale in July has plunged by 10.3 per cent compared to a year ago, according to analysis by Housesimple.
There were 59,710 new properties listed for sale last month, compared to 66,603 in July 2018, the estate agency found in its Property Supply Index.
Across the regions, the South West saw the biggest drop in new listings, which were down by 11.1 per cent year on year to 4,051.
The next worst hit was the South of England with an 11 per cent annual fall in new homes for sale to 1,269 in July.
In the North East there was a 10.2 per cent reduction to 2,467, while the South East was close behind with a 9.9 per cent decline to 1,269.
Listings were down 7.5 per cent in the North West, 6 per cent in Wales, 5.3 per cent in the East of England and 4.2 per cent in Scotland.
Only the West Midlands saw a significantly positive trend with 4.4 per cent more listings than last year at 3,249 in July.
In the East Midlands there was a slight increase, with new listings up by 0.94 per cent to 2,886.
The figures also show that the traditional summer slowdown is now underway with the number of new listings down 3.3 per cent compared to June 2019, although the decline is not as steep as last year when listings fell by 5.3 per cent, albeit from a significantly higher base.
Housesimple chief executive Sam Mitchell says: “The summer holidays are upon us and a drop in new property listings from their annual peak is not uncommon.
“We would expect to see this trend continue into August, as people go away for their summer holidays or make the most of the British summertime.
“However, those not jetting abroad should consider using this time as a chance to list their property and make the most of the reduced competition.”
He adds: “With a new prime minister in Number 10, all eyes are now firmly on what he has in store for the UK property market.
“The suggestion to move the burden of stamp duty from buyers to sellers has caused the biggest stir.
“It might help first-time buyers or those moving up the chain, but it runs the risk of bringing the property ladder to a grinding halt as those at the top end of the ladder will be deterred from ever downsizing to free up larger homes.”
Source: Mortgage Strategy