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Fall in homes for sale in three-quarters of UK towns and cities

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04/07/2018
However, London bucked the trend last month, with property supply at its highest in the capital for three years
Fall in homes for sale in three-quarters of UK towns and cities

Almost 33,000 new properties came onto the market in London in June, the highest number since before June 2015, according to HouseSimple.com.

The online estate agent said the capital saw a monthly rise in home sellers of 2.8% but noted that this bucked the overall UK trend.

New supply fell by 3.8% last month, the first drop since December 2017, but new listings still surpassed 70,000.

They were also a significant 60.4% higher than the same month in 2017.

Taking stock

More than three quarters (76.6%) of towns and cities saw new stock levels fall in June compared to May.

Salford in the North West, experienced the largest drop off in supply last month, with new listings down a third (32.8%) on May. While, new supply in Lichfield was up 27.6% in June.

Sam Mitchell, CEO of HouseSimple.com, 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.”

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