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New Property Supply Down 12.7% in the Year to June

Southern regions of England saw the number of new listings fall by as much as 11% over the last month

The number of new property listings coming to market decreased by 1.9% between May and June

The late Spring bounce experienced in May slowed, with new property supply slipping in June, the latest Property Supply Index by Housesimple reveals.

Following on from May’s 9.2% monthly uplift in new property listings across the UK, the latest figures for June show a total of 61,775 new homes were listed on the market in June; 1.9% fewer than in May.

On an annual basis, the number of new properties to market is down 12.7% when compared with June 2018.

The southern regions suffered the largest declines in new listings between May and June, falling by 6.19% in the South West, 8.74% in the South of England, and 11.10% in the South East.

However, new property supply in London remained positive again in June, rising by 2.03%. The North West had the highest monthly growth, and was the only other region to see a rise in new listings outside the capital, at 3.92%.

“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,” said Housesimple’s Chief Executive, Sam Mitchell.

“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.”

According to the latest index by Nationwide, house prices in the northern regions of England grew by 2.1% in the 12 months to June.

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