The online estate agent HouseSimple has claimed that the number of vendors listing homes on Rightmove plummeted by 13.2% across the whole of the UK in the month of July. In London this drop was even larger at around 15%.
HouseSimple has analysed the number of new properties listed on Rightmove in July and compared them to the previous month of June, in over 100 towns and cities, including all of the 32 London boroughs.
Most of the locations looked at saw substantial falls , as much as 30% in Glasgow and Edinburgh, and by 28% in Milton Keynes and Sunderland. Swindon saw a 25% drop and in London, Bexley saw a 31.4% drop in July whereas high-end Kensington & Chelsea saw a 24.5% drop.
Alex Gosling, HouseSimple chief executive claims “Any hope that sellers were finally returning to the market seems to have been a vain one for the time being. A boost to new stock levels in June suggested that we were finally starting to see some movement from sellers, but that momentum seems to have been short-lived”.
He goes on to say “We fully expected activity to drop off in the summer months, but come the autumn the market needs to replenished with stock to realign the supply versus demand balance”.