To compile its Property Supply Index, HouseSimple tracks the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs. Lichfield and Winchester registered the biggest drop in supply in June, with new property listings down 37% and 36.5% respectively. Four of the top ten biggest fallers in June were in the South of England.
The following table shows the 10 UK towns and cities that experienced the biggest falls in new property listings in June versus May:
|
Town/City |
Region |
% fall in new listings in May vs. April |
|
Lichfield |
West Midlands |
-37.0% |
|
Winchester |
South |
-36.5% |
|
Chesterfield |
East Midlands |
-34.9% |
|
Salisbury |
South West |
-33.3% |
|
Exmouth |
South |
-29.8% |
|
Hartlepool |
North East |
-29.6% |
|
Bangor |
Wales |
-29.5% |
|
Grimsby |
Yorkshire and the Humber |
-27.6% |
|
Bath |
South West |
-24.4% |
|
Weston-Super-Mare |
South West |
-19.9% |
Although the majority of areas saw supply levels fall in June, there were a few areas that bucked the trend. Biggest risers in June were the Scottish towns of Inverness and Stirling, where new property listings were up 30.5% and 18.5% respectively. Out of the top ten risers, half the towns were in the South of England.
The following table shows the UK towns and cities that experienced the biggest rises in new property listings in June versus May:
London
In June, new properties listed across the capital fell by 12.8%, following a fall of 2.4% in May. Wandsworth and Waltham Forest saw the biggest drop in supply, both down 34.9%. This follows a big rise in supply in both these boroughs in May, with new property listings up 9.5% in Wandsworth and 31% in Waltham Forest.
Only five out of 32 boroughs saw an increase in supply last month, with new property listings in Barnet (up 11.4% in June) and Barking and Dagenham (up 8.8%) leading the way.
Alex Gosling, CEO of online estate agents HouseSimple.com comments: “Fear and uncertainty over the Brexit vote definitely had an impact on buyer and seller confidence in June, with many sellers holding off putting their properties on the market until the result was known. Now we know, and although the decision has come as a bit of a shock, at least a degree of uncertainty has been taken out of the equation.
The property market can now roll up its sleeves and get on with it. Nothing has fundamentally changed overnight and people still need to buy and sell homes whatever the market conditions.
We still have a supply shortage, and this may well counter any fallout from Brexit. There were concerns about the London market faltering, but demand is still strong in the capital and the weak pound should attract foreign investors looking to pick up bargains – particularly at the top end of the market.
For the rest of the year, we may see a small dip in prices as there are choppy seas ahead, but its certainly not the ‘end of the world’ levels predicted by some doom-mongers. Supply should hopefully edge up, as fears around the impact of Brexit dissipate, and sellers feel more confident about market conditions and the wider global economy.”
