Would-be sellers hold off putting homes on the market
The number of homes being put on the market has dropped for the second month running since the General Election, said HouseSimple.com.
The online estate agents said that new property listings were down 1.6% in July after a drop of 1.9% in June.
Newquay (30%) and King’s Lynn (25.6%) experienced the largest decrease in new listings in July, while Dundee saw new property listings almost double in July, up 96.9%.
Property supply in the capital dropped by more than twice the UK average in July, down 4.0% on June. However, supply was strongest in some of the outer London boroughs, rising by 22.7% in Redbridge and 13.2% in Sutton.
Alex Gosling, CEO of HouseSimple.com, said: “Right now it feels like sellers aren’t really sure what to do. There is so much negative press around Brexit and very little confidence in the Government after such a calamitous election campaign; and fear and uncertainty is weighing heavily on house price growth.
“We were expecting to see a late-Spring boost in new properties being listed in June and a stronger than usual early-Summer, but neither has materialised. Sellers are in limbo. Do they sell while prices are dropping, or do they stay put and see what happens over the coming months, when the Government should hopefully have a clearer Brexit plan?”