Resurgence of London listings fails to stem national slide in property supply

Three-quarters of towns and cities in the UK saw property stock levels drop last month, data suggests.

Figures from HouseSimple based on listings tracked through Home.co.uk found that the number of new homes for sale fell 3.8% between May and June to 70,775.

Salford experienced the largest drop off in supply last month, with new listings down 32.8% on May, while Chichester was down 29.3%.

Town/City

Region

% decrease in new listings in June vs May

Salford

North West

-32.8%

Chichester

South East

-29.3%

Shrewsbury

West Midlands

-28.9%

Runcorn

North West

-25.0%

Stockton on Tees

North East

-24.1%

Wakefield

West Yorkshire

-23.5%

Bath

South West

-23.4%

Woking

South East

-23.3%

Chesterfield

East Midlands

-22.7%

Halifax

West Yorkshire

-22.5%

Lichfield led the tables for supply growth, with listings up 27.6%, while York saw a 25.7% boost.

London bucked the trend in a positive way for a change, with new listings increasing 2.8% to 32,927 between May and June.

This was the highest number since HouseSimple started recording the data in June 2015.

Town/City

Region

% increase in new listings in June vs May

Lichfield

West Midlands

27.6%

York

Yorkshire & the Humber

25.7%

Hastings

South East

18.8%

Winchester

South

17.0%

Lincoln

East Midlands

16.2%

The national figures look better annually, with listings up 60.4% compared with last year.

Sam Mitchell, chief executive of HouseSimple, said: “Although new property supply fell slightly in June, listings still exceeded 70,000 for the second consecutive month across the 100 towns and cities we analysed.

“Seller activity has picked up noticeably since mid-May, particularly in London, where prices have cooled. Buyers are viewing a lot more properties before they make an offer, and with more sellers listing in the past month, they have more choice.

“More than ever, the key for motivated sellers is to price correctly and competitively to attract buyers. It’s important to do your research, to check what properties are selling for on your street and in the nearby area. This is probably not the right market to price high, hoping to squeeze a little more money out of buyers.

“Although we are seeing real intent from buyers to purchase, even with Brexit looming, they are more willing to move on to the next property, or wait and see, if they believe the price is too high.”

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