London sees rise in fresh listings hit three-year high
Recent data has revealed that whilst London saw housing stock hit a three-year high last month, the rest of the UK saw a decline in new supply.
According to HouseSimple data, London saw the number of new listings hit the highest level since 2015 in June, at just under 33,000.
Month-on-month, the number of new home sellers in the capital also saw an uplift of 2.8%; this can be compared to the rest of the UK, with an average drop of 3.8%.
In June, 76.6% of UK towns and cities experienced a decline in new supply, with the most significant fall observed in Salford at a drop of 32.8% month-on-month.
Camden, on the other hand, saw a third more new homeowners listing their properties during June compared to March. However, it’s worth noting that not every part of London saw listings rise; Hammersmith and Fulham saw fresh supply levels drop by 8.6%, whilst Kensington and Chelsea experienced a drop of 9.5% in new properties coming on to the market.
Commenting on the figures was Sam Mitchell. The CEO of HouseSimple said: “Although new property supply fell slightly in June, listings still exceeded 70,000 for the second consecutive month across the 100 towns and cities we analysed. Seller activity has picked up noticeably since mid-May, particularly in London, where prices have cooled. Buyers are viewing a lot more properties before they make an offer, and with more sellers listing in the past month, they have more choice.
“More than ever, the key for motivated sellers is to price correctly and competitively to attract buyers. It’s important to do your research, to check what properties are selling for on your street and in the nearby area. This is probably not the right market to price high, hoping to squeeze a little more money out of buyers.
“Although we are seeing real intent from buyers to purchase, even with Brexit looming, they are more willing to move onto the next property, or wait-and-see, if they believe the price is too high.”