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Property supply falls in eight out of 10 towns

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12/07/2017
Did last month's General Election scare off sellers?
Property supply falls in eight out of 10 towns

Sellers decided to ‘stick rather than sell’ after last month’s surprise General Election result, according to HouseSimple.com, which found a drop in property listings across the country.

The online estate agent said property supply was down 1.9% across the UK in June, with Dundee recording the biggest fall in new listings at 48.1% down on the previous month, closely followed by Barnsley (-39.3%) and Sunderland (-25.2%).

Of the 100 towns and cities that HouseSimple.com analysed, 81% of areas saw property supply fall in June compared to May.

The firm suggested that the Election result combined with Brexit fears have led to a ‘crisis of confidence in the housing market’.

Rising supply

Of the few areas that did see a rise in supply, Lichfield recorded the biggest boost in new listings, which were up 20.6% compared to May.

London also bucked the trend, with property supply up 5.3% across the capital.

But Alex Gosling, CEO of HouseSimple.com, admitted: “The supply drought continues. The property market was hoping for a downpour of new stock in June, but the Conservatives crawling over the line failed to deliver the injection of confidence the market needed, and put paid to any chance of a late Spring bounce.

“Price growth has stalled, and sellers, it appears, are choosing to stay put, rather than accept marketing their properties at a lower price then they might have done a few months ago.

“If sellers are waiting for prices to go up again, that could be a long wait. If anything, homeowners should see this as a good climate to sell as long as they price correctly. If prices have dropped where they live, they are likely to have dropped, possibly by even more, in the area they’re planning to buy.”

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