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Property Market's Traditional Summer Slowdown Begins

Number of property listings new to market down 3.3% in July but it is still 2019's third-best month for supply

Change in new supply across England ranged from a 1.50% increase in the East Midlands to a 7.10% decline in Wales

New property listings fell for a second consecutive month in July, although the underlying momentum in the market remained strong, according to the latest supply index by Housesimple.

Between June and July, the number of listings new to market fell by 3.3%, following on from June’s decline of 1.9% as part of the traditional Summer slowdown in the UK’s property market.

However, the index notes that July’s decrease in supply was overall lower than July 2018’s fall of 5.9%, whilst also highlighting that July remained the third-best month for new listings in 2019 so far.

Five regions registered a decline in new supply exceeding 5%, with Wales seeing the largest drop in new listings in July at 7.10%, closely followed by a 6.90% fall in the North East, 5.80% in the North East, and 5.10% in the East of England.

By comparison, just three regions experienced an increase in new listings to market; the West Midlands (+0.10%), Yorkshire (+0.90%), and the East Midlands (1.50%).

Analysis at a city-by-city level reveals the range of new supply in July varied from +52.2% in Truro in the South of England to -71.0% in Bootle in the North West.

Sam Mitchell, CEO of Housesimple, said: “The Summer holidays are upon us and a drop in new property listings from their annual peak is not uncommon. We’d expect to see this trend continue into August, as people go away for their Summer holidays or make the most of the British summertime.

“With a new prime minister in Number 10, all eyes are now firmly on what he has in store for the UK property market. The suggestion to move the burden of stamp duty from buyers to sellers has caused the biggest stir.”

Boris Johnson’s new Housing Secretary Robert Jenrick was advised by the Royal Town Planning Institute that England’s planning system needs more resources to support the Government’s housing delivery targets.

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