Property supply falls for the third month in a row
New property listings across the UK fell for the third month running in August, down 6.9% compared to July, according to Housesimple.com.
The online estate agent found that new property supply fell below 62,000 last month, the lowest level since January 2018.
In London, there was a massive 17.1% drop in new sellers last month, more than double the UK average.
Every London borough saw fewer new listings in August than the previous month, with the boroughs of Barnet and Haringey experiencing the largest drop, down 30.4% last month.
Biggest dip in listings
But it was King’s Lynn which experienced the largest downturn in new property listings last month, down 36.4% on July. Rugby in the West Midlands saw almost a third (31.7%) fewer new listings in August.
It was a different story in Stoke-on-Trent and Lichfield, in the West Midlands, which both experienced a 40% boost in new property stock last month.
Sam Mitchell, CEO of HouseSimple.com, said: “One of the hottest summers on record has inevitably had an impact on the property market. Although, properties are selling, Brits understandably took advantage of the fantastic weather, and it’s no surprise they prioritised spending time outside and taking a holiday over moving home.
“Now we are entering one of the traditionally busy periods for the property market. We would expect to see a significant increase in new listings in September and October and sellers will face stiffer competition. But priced correctly, properties are selling despite the Brexit cloud looming overhead.”