The number of new property listings across 100 major UK towns and cities fell by 3.3 per cent in July, the latest Housesimple Property Supply Index showed.

The latest figures reflected “the traditional summer slowdown” with new listings declining from their early seasonal peak, said online estate agency Housesimple.

The slowdown was less pronounced than in 2018, when the decline between June and July was 5.9 per cent.

July was the third best month for listings after May and June, with 59,710 new properties coming online indicating that underlying market momentum remains strong.

The East Midlands was the strongest region for new listings with a 1.5 per cent increase, helped by an uplift in Mansfield at 21.1 per cent.

Yorkshire and the West Midlands saw slower growth at 0.9 per cent and 0.1 per cent respectively.

The greatest regional fall in property supply was reported in Wales, down 7.1 per cent. Listings in Swansea dropped 8.6 per cent, Cardiff was down 7.6 per cent and Newport fell 4.4 per cent.

The north east experienced a 6.9 per cent fall in new property listings, impacted most by a 17.8 per cent reduction in Gateshead and a 12.5 per cent drop in Newcastle upon Tyne.

London saw supply decline by 3.8 per cent in July. New listings were strong in Croydon where they grew by 9.2 per cent and Greenwich, up 8.8 per cent, but weak in Bexley down 15.7 per cent, and Lambeth, falling 13.6 per cent.

Sam Mitchell, chief executive at Housesimple, said: “A drop in new property listings from their annual peak is not uncommon. We expect this trend to continue into August, as people go away for their summer holidays or make the most of the British summertime.

“With a new prime minister in Number 10, all eyes are now firmly on what he has in store for the UK property market. The suggestion to move the burden of stamp duty from buyers to sellers has caused the biggest stir. It might help first-time buyers or those moving up the chain, but it runs the risk of bringing the property ladder to a grinding halt as those at the top end of the ladder will be deterred from ever downsizing to free up larger homes.”

He added: “Whatever is decided, the most important thing for policy makers is to provide clarity to the market as quickly as possible.”