However, positively the index recorded more than 60,000 new listings for the second month in a row, as sellers continue to take advantage of the summer months and a reduction in Brexit uncertainty to market their properties.
Last month 61,775 new properties came onto the market across the country, down from 63,001 in May 2019. The biggest falls were in the South East and South of England, where new listings fell by 11.1% and 8.7% respectively in June 2019.
The towns and cities leading the decline in new property listings included Canterbury in the South East (-31%) and Truro in the South of England (- 30.3%). Warwick (-29.7%) and Shrewsbury (-29%) in the West Midlands also saw significant reductions, along with Huddersfield in Yorkshire (- 26.5%).
Yet despite most of the UK experiencing a steady deceleration in property listings, the North West bucked the trend.
The number of new properties for sale in the region increased by 3.92% from May 2019 to June 2019. Bolton (95.5%) and Bootle (283.5%) dominated this growth in the North West, with the number of new listings in Salford (7.7%), Liverpool (6.3%), Rochdale (5.9%) and St Helens (1.5%) also increasing from May to June.
London also defied the summer slowdown, reaching a level not yet seen all year. New supply was up 2% compared to the month prior, rising from 24,607 in May 2019 to 25,106 in June 2019. Just 10 of the 32 boroughs saw new supply levels fall last month. Newham and Lambeth were the best performers, with a respective 17.1% and 16.4% lift in new homes for sale.
The Housesimple Property Supply Index, issued monthly, analyses the number of new properties listed each month by estate agents across more than 100 major UK towns and cities. Year-on-year the number of new property listings declined by 12.7% in June 2019, with a total of 70,775 new properties listed in June last year.
Sam Mitchell, CEO at Housesimple, said: “Although new property supply fell slightly in June, new listings still exceeded 60,000 for the second month in a row, as new sellers took advantage of the better weather and reduced Brexit uncertainty to market their properties.
The North-South divide has long been a feature of the UK property market, reflected in both property supply and prices to show the consistent growth of northern regions. Albeit marginal, the fact that house prices continue to climb overall demonstrates the resilience of the UK property market and reflects the more favourable economic factors including low unemployment and low interest rates at present.
We’d expect to see momentum continue in July before slowing during August, as people go away for their summer holidays. However, savvy sellers can still benefit from listing their property during high summer, as they face less competition for buyers.”
