Property supply recovers from Brexit slump with 3.4% rise

The HouseSimple data shows that listings rose by 13.7% in London after supply fell by 12.8% in June. Three boroughs – Bexley, Greenwich and Lambeth – saw supply increase by more than 40% last month.

In the aftermath of Brexit, new property listings in June fell by 7.3% in the UK as a whole and 12.8% in London.

July saw supply rise by more than a half in Durham and 32.5% in Hartlepool. However more than a third of towns and cities experienced significant falls in new properties listed, including Bootle, where listings fell by almost a third (30.8%) in July.
 
Alex Gosling, CEO of online estate agents HouseSimple, commented: “It’s been business as usual after Brexit in terms of activity, with many sellers who were waiting on the result of the Referendum, now actively marketing their properties. The reality is that people need to sell for a whole host of reasons, and delaying post-Brexit is simply not an option if people are relocating for work or family reasons.

“On the ground, what was probably a sellers’ market before the vote is now going to be a more level playing field. That doesn’t mean that quality properties in desirable areas won’t still sell for close to or at asking price, but buyers are holding a few more cards now, and motivated sellers may need to more flexible on price negotiations.”