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New property listings plummet

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
20/07/2016

Brexit fear gripped sellers in June, as the number of new properties put on the market nose-dived

The number of sellers putting their homes on the market fell dramatically in June, as they were deterred from listing their properties for sale by the uncertainty around Brexit.

Over two-thirds of UK towns and cities saw new property listings fall last month, with supply down 13% in London alone, according to online estate agents HouseSimple.com.

The firm tracks the number of properties marketed every month in more than 100 major towns and cities in the UK and all London boroughs.

Biggest fallers

Lichfield and Winchester registered the biggest drop in supply in June, with new property listings down 37% and 36.5% respectively.

Chesterfield, Salisbury, Exmouth and Hartlepool also experienced big falls.

Bucking the trend were Scottish towns Inverness and Stirling, where new listings were up 30.5% and 18.5% respectively.

High Wycombe, Runcorn and Luton also saw listings rise in June.

In London, Wandsworth and Waltham Forest saw the biggest drop in supply, both down 34.9%. This followed big rises in supply in May in both boroughs.

Alex Gosling, chief executive of HouseSimple.com, said: “Fear and uncertainty over the Brexit vote definitely had an impact on buyer and seller confidence in June, with many sellers holding off putting their properties on the market until the result was known. Now we know, and although the decision has come as a bit of a shock, at least a degree of uncertainty has been taken out of the equation.

“The property market can now roll up its sleeves and get on with it. Nothing has fundamentally changed overnight and people still need to buy and sell homes whatever the market conditions.”