New properties listings down 31% in August

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New property supply in London was down 22.3% last month

London, 11th September 2017 – The total number of new property listings across the UK fell 13.1% in August compared to July, according to the latest Property Supply Index compiled by online estate agents HouseSimple.com. New property supply in London was down 22.3% last month.

August is historically a quiet month for sellers marketing their properties, as families head off on their summer holidays. But even taking this into account, the total number of new properties listed for sale last month was down 5.9% on the corresponding month in 2016.

HouseSimple.com analysed new properties marketed in more than 100 major UK towns and cities 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 (33.0%) and Winchester (31.1%) experiencing the largest falls in new listings last month.

The following table shows the ten UK towns and cities that saw the biggest drops in new property listings in August 2017 vs July 2017:

Town/City

Region

% fall in new listings in August vs. July

Coventry

West Midlands

-33.0%

Winchester

South

-31.1%

Salford

North West

-28.5%

Oxford

South East

-25.6%

Durham

North East

-25.0%

Hemel Hempstead

East

-24.7%

London

South East

-22.3%

Basingstoke

South

-22.2%

York

North Yorkshire

-22.1%

Chelmsford

East

-21.7%

The following table shows the ten UK towns and cities that saw the biggest rises in new property listings in August 2017 vs July 2017:

Town/City

Region

% rise in new listings in July vs. June

Darlington

North East

29.9%

Falmouth

South West

28.6%

Warwick

West Midlands

28.0%

Truro

South

24.4%

Exmouth

South

17.2%

King’s Lynn

East

17.2%

Bootle

North West

16.8%

Weston Super-Mare

South West

16.6%

Hartlepool

North East

12.3%

Loughborough

Midlands

12.2%

London

New property supply in the capital fell 22.3% in August with 30 out of 32 London boroughs seeing a drop off in new listings last month. Richmond saw the biggest fall, (down 42.2%) of any borough for the second consecutive month. Only Bexley (17.4%) and Sutton (8.4%) saw an increase in property supply in August vs. July.

The following table shows the five London boroughs that experienced the biggest falls in new property listings in August 2017 vs July 2017:

London Borough

% fall in new listings in August vs July

Richmond upon Thames

- 42.2%

Kingston upon Thames

-38.4%

Hounslow

-38.1%

Hammersmith & Fulham

-32.2%

Enfield

-31.9%

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “August tends to be a quiet month for property transactions and new sales instructions. Not surprisingly, supply fell substantially as the country went on its summer break.

“Few people will be concerned by the drop off in new listings between July and August. More of a concern is the 5.9% 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.

“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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