Seller activity slows in August before expected autumn upturn

Activity among property sellers dipped last month, according to the latest Property Supply Index from Housesimple.

During August there were 51,809 new property listings recorded across 100 major UK towns and cities, down from 59,710 the previous month.

New listings in the capital took a significant hit, down almost 20% last month when compared to July.

The lowest reduction in property listings was recorded in Scotland (-2.1%) and the North East (-2.4%).

Other poor performing areas included the South of England (-15.6%), the South West (-13.8%) and the South East (-11.5%).

Housesimple says the August dip in new listings was expected as property sellers traditionally go on holiday in August before returning to the market in September.

"The interesting question will be how much listings bounce back in September, we usually see a 15-20% increase in listings between August and September," says Sam Mitchell, Housesimple chief executive.

"On the one hand, Brexit uncertainty may impact new listings, while other vendors may look to get their properties over the line before the deadline on October 31."

"Our advice to sellers is to keep calm and carry on. People generally move for a specific reason- a bigger house for a growing family, a new job or a new school. Life does not wait for politics and neither should sellers," says Mitchell.

Housesimple's index uses data from Home.co.uk to analyse new properties listed by estate agents in the UK’s 100 largest towns and cities.