Supply Shortage New Property Listings Down 13%
The UK Property Market suffers Supply Shortage, as New Property Listings are Down 13% in August, latest figures show. August is historically a quiet month for sellers marketing their properties. However even taking into consideration the usual summer time slow-down; the total number of new properties listed for sale last month was down 5.9% on the corresponding month in 2016 according to research from online estate agent HouseSimple. 2 in 3 towns and cities across the UK had drop in the number of properties listed for sale month on month according to the research. Other locations recording large drops in supply included Salford, whichw as down 28.5%, Oxford down 25.6%, Durham down 25%, Hemel Hempstead down 24.7%, London down 22.3%, Basingstoke down 22.2%, York down 22.1% and Chelmsford down 21.7%. The areas with the biggest rise in supply were led by Darlington with a rise of 29.9%, followed by Falmouth up 28.6%, Warwick up 28%, Truro up 24.4%. Exmouth and King’s Lynn both up 17.2%, Bootle up 16.8%, Weston Super Mare up 16.6%, Hartlepool up 12.3% and Loughborough up 12.2%. The London market, 30 out of 32 boroughs seeing recorded a fall in new listings last month. Richmond saw the biggest fall of 42.2% of any borough for the second consecutive month. However, Bexley and Sutton saw an increase in property supply with a rise of 17.4% and 8.4% respectively. Read More: Britains Property Prices Rise Nationwide
Summer Slowdown
The property market usually experiences a slowdown in the Summer, due to the summer holidays and children being off school. Would be sellers have less focus on moving home during this period. ‘August tends to be a quiet month for property transactions and new sales instructions. Not surprisingly, supply fell substantially as the country went on its summer break but few people will be concerned by the drop off in new listings. More of a concern is the 5.9% drop off when comparing last month with the corresponding month in 2016. Supply continues to be a major issue,’ said Alex Gosling, the firm’s chief executive officer. ‘The property market needs a strong September after a subdued period since the general election. Hopefully a line will have been drawn under the first half of the year; concerns about economic conditions will have dissipated. Buyers and sellers will come back from their summer break with renewed confidence to move forward,’ he added. Read More: Calls for Government to build to tackle UK’s property shortage Click Here to see a selection of our buy-to-let property portfolio for sale
