July & August this year saw one of the hottest summers on record. It also saw a significant decrease in new property listings.
In August 2019, 51,809 new listings were recorded across the UK, down from 59,710 listings recorded in July.
However, the summer lull seems to have quickly passed. September has already seen nearly a 20% increase in the number of new properties listed. Online Estate Agent Housesimple, who conducted the survey, has said that following a typically slow August, where homeowners traditionally put sales on hold as they go on holiday, property listings have bounced back, with 69% of UK towns and cities seeing a leap in listings.
London saw the largest leap in new listings with a massive 45% increase – the highest level of new supply since 2014.
Alex Gosling, CEO of HouseSimple.com, said: “The property market continues to defy predictions of a post-Brexit fall-out with a return to form after the summer lull. The figures don’t show an astronomical uplift in new listings after a typically slow August, but a more than 10% boost in new properties is evidence of a resilience in the housing market that many didn’t expect.
“With the recent interest rate cut putting a spring in the step of buyers – and a further cut on the cards – a degree of market equilibrium may be restored. What was a sellers’ market before the Referendum vote and buyers’ market in the initial months after it may now be somewhere in between. This is no bad thing.”