New figures from estate agents HouseSimple show that the number of new homes being listed for sale fell by 3.8% last month in the UK. This is based on listings tracked through the Home.co.uk website, showing the first drop in supply since December 2017.
However, despite this drop, new listings are continuing to remain high, as, for the second month in a row, new listings have surpassed 70,000.
Looking at new property listings across the UK, they were 60.4% higher in June than they were in the same month in 2017. However, 76.6% of towns and cities saw a fall in new stock levels in June compared to May.
The largest drop in new listings in June compared to May last month was experienced by Salford in the North West, at -32.8%. The largest increase in new listings during the same period was in Lichfield in the West Midlands, at 27.6%.
Sam Mitchell, chief executive 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 on to the next property, or wait and see, if they believe the price is too high.”