New property listings up in London but down across the UK

Michael Lloyd

July 4, 2018

New home sellers were up 2.8% in London in June compared to May, while across the UK new supply fell slightly, down 3.8% last month, the first drop in supply since December 2017, online estate agents HouseSimple has found.

Some 32,927 properties came onto the market in London last month, the highest number since pre-June 2015.

However, despite property supply levels falling in June, it was still the second month in a row where new listings surpassed 70,000. Some 70,775 new properties were marketed by estate agents in June, compared to 73,577 in May.

Sam Mitchell, chief executive of online estate agents 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.

“Although we are seeing real intent from buyers to purchase, even with Brexit looming, they are more willing to move onto the next property, or wait-and-see, if they believe the price is too high.”

Also, new property listings in June across the UK were 60.4% higher than the corresponding month in 2017. More than three quarters (76.6%) of towns and cities saw new stock levels fall in June compared with 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.

London bucked the UK-wide trend, with new properties listed by estate agents up 2.8% in June, reaching levels not seen in more than three years.

A third more new homeowners in Camden listed their properties in June compared to the previous month. The boroughs of Kensington and Chelsea and Hammersmith and Fulham saw new property listings fall 9.5% and 8.6% respectively in June compared to May.

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