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Brexit bounce back for housing supply

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03/08/2016
Nearly two thirds of UK towns and cities have seen an increase in supply in July
Brexit bounce back for housing supply

New properties listed in July rose by 3.4% on June across the UK, according to HouseSimple.com.

The online estate agent said that almost two thirds (62%) of UK towns and cities witnessed a boost in supply last month with a whopping 51% rise in Durham, and 32.5% in Hartlepool.

The supply of property in London was up 13.7% between June and July, with Bexley recording the largest rise in the capital at 44.1%.

HouseSimple looked at data on more than 500,000 listed properties, to track the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs.

Drop in supply

However, more than a third of towns and cities experienced significant falls in new properties listed, including Bootle, where listings fell by almost a third (30.8%) in July.

Alex Gosling, CEO of HouseSimple.com, said: “It’s been business as usual after Brexit in terms of activity, with many sellers who were waiting on the result of the Referendum, now actively marketing their properties. The reality is that people need to sell for a whole host of reasons, and delaying post-Brexit is simply not an option if people are relocating for work or family reasons.

“On the ground, what was probably a sellers’ market before the vote is now going to be a more level playing field. That doesn’t mean that quality properties in desirable areas won’t still sell for close to or at asking price, but buyers are holding a few more cards now, and motivated sellers may need to more flexible on price negotiations.”

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