The number of new property listings across 100 major towns and cities in the UK fell by 3.3% in July, according to the latest property supply index.
The start of the traditional summer slowdown of the UK property market was evident in the latest figures, as new property listings declined from their early summer peak, according to the index from online estate agent Housesimple.
However, the slowdown between June and July was gentler this year than the fall of 5.9% recorded at the same time in 2018.
With 59,710 new property listings coming to market, July was the third best month for listings this year, after May and June, an indication, the firm says, that underlying momentum within the market remained strong.
There was regional variation within the national figures. The East Midlands had a 1.5% rise in new property listings, with notable rises in this region in Mansfield of 21.1%. There was also marginal growth in Yorkshire of 0.9% and the West Midlands was up 0.1% in July.
Meanwhile, the greatest fall in property supply was reported in Wales with a decline of 7.1%. In Swansea supply fell by 8.6%, in Cardiff by 7.6% and in Newport by 4.4%. The data also shows a fall of 6.9% in the North East, including a fall of 17.8% in Gateshead and a fall of 12.5% drop in Newcastle upon Tyne.
In London new supply was down by 3.8%, with Croydon recording a fall of 9.2%, Greenwich a fall of 8.8%, Bexley down 15.7% and Lambeth down 13.6% in July.
‘With a new Prime Minister, 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,’ said Sam Mitchell, chief executive officer of Housesimple.
‘It might help first time buyers or those moving up the chain, but it runs the risk of bringing the property ladder to a grinding halt as those at the top end of the ladder will be deterred from ever downsizing to free up larger homes,’ he explained.
‘Whatever is decided, the most important thing for policy makers is to provide clarity to the market as quickly as possible. With uncertainty about Brexit and policy changes expected to increase in the months to come, smart sellers should look to take advantage of the relative calm of the summer to get their moves over the line,’ he added.
