Newly released stats from online estate agent, Housesimple, have revealed that new property listings in the UK fell by 13.2% in August – widely expected as many homeowners go on holiday before returning to the market in September.
According to the figures, last month 51,809 new property listings were recorded across 100 major UK towns and cities, down from 59,710 in July.
Londoners were particularly keen to get away from the hustle and bustle this year, with new property listings down (-19.9%) in August 2019 compared to July 2019, with the capital weighing down the overall UK average. Excluding London, there was a -8.7% fall in new homes to the market across the country in August.
Scotland (-2.10%) and the North East (-2.40) saw the lowest reduction in new property listings in August and held strong against the more substantial falls reported elsewhere across the UK.
Sam Mitchell, CEO at Housesimple, said: “Two things traditionally happen in the property market in August. First, homeowners stay away, choosing instead to recharge in the sun for a few weeks. And secondly, those that have already sold-up tend to move, with 30th August being the busiest day of the year for actually moving home.”
As a result, it’s no great surprise that listings dip in August. But if you are a vendor who did list your property in August you benefit from less competition from other vendors and continuing buyer demand and strong mortgage approvals.”
The more interesting question will be how much listings bounce back in September, we usually see a 15-20% increase in listings between August and September. On the one hand, Brexit uncertainty may impact new listings, while other vendors may look to get their properties over the line before the deadline on 31st October.
Our advice to sellers is to keep calm and carry on. People generally move for a specific reason- a bigger house for a growing family, a new job or a new school. Life does not wait for politics and neither should sellers.”