The latest data and analysis from online estate agents, HouseSimple.com, has found that new property listings across the UK have fallen for the second consecutive month since the General Election, down 1.6% in July after a drop of 1.9% in June.
Home sellers held off marketing their properties pre-General Election, but it was predicted there would be a rush of new properties being advertised after the result on 8th June. But there was no rush as a narrow Tory victory combined with Brexit fears and cooling prices has left sellers in limbo.
Of the 100 towns and cities in the UK that HouseSimple.com analysed for the Property Supply Index, more areas actually saw an increase in property supply in July compared to June. But across the UK as a whole, supply was down, with Newquay (30%) and King’s Lynn (25.6%) experiencing the largest decrease in new listings in July.
Dundee saw new property listings almost double in July, up 96.9%, while new properties advertised in Truro (up 55.2%), which is less than 30 minutes away from Newquay, were up by more than half.
The following table shows the ten UK towns and cities that experienced the biggest decreases in new property listings in July versus June:
| Town/City | Region | % fall in new listings in July vs. June |
| Newquay | South | -30.0% |
| King’s Lynn | East | -25.6% |
| Perth | Scotland | -23.2% |
| Southport | North West | -21.6% |
| Shrewsbury | West Midlands | -21.4% |
| Warwick | West Midlands | -20.2% |
| Edinburgh | Scotland | -20.0% |
| Exmouth | South | -18.3% |
| Hartlepool | North East | -18.2% |
| Solihull | West Midlands | -18.1% |
Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “Right now it feels like sellers aren’t really sure what to do. There is so much negative press around Brexit and very little confidence in the Government after such a calamitous election campaign; and fear and uncertainty is weighing heavily on house price growth.
We were expecting to see a late-Spring boost in new properties being listed in June and a stronger than usual early-Summer, but neither has materialised. Sellers are in limbo. Do they sell while prices are dropping, or do they stay put and see what happens over the coming months, when the Government should hopefully have a clearer Brexit plan?
It does already feel like a semblance of normality is starting to return to the market, and by the end of the Summer the election will be a distant memory so we could well see a strong September in terms of activity.
At the end of the day, life goes on, and the message to anyone thinking of selling is don’t delay a move simply because you’re worried what the market is going to do next. If your property has dropped 5-10% in value, it’s likely prices will have dropped in the area you’re buying. If you see a place you want, then try and negotiate with the seller to factor in that drop.
Also, remember it’s a buyer’s market out there, and if you’re selling then you’re most likely buying too. In a hot market, properties are snapped up almost as soon as they are advertised and sellers hold all the cards. That’s not the case in this market, so you are in a much stronger negotiating position.”
source http://blog.evolutionproperties.co.uk/2017/08/12/supply-crisis-leaving-sellers-in-limbo/
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