New Property Listings Decline across UK Housing Market in July
Property listings have fallen in the month of July as estate agents see a dip in the number of residences which are up for sale. New property listings fell more than 5% across the country as London also experienced a drop in total listings for sale. The capital city posted a decline of almost 13% month on month. It is typical in this time of the year to see listings fall slightly so housing experts are not overly surprised to see the change in the number of house listings for sale.
Property listings have fallen off especially in the capital city where almost 13% fewer houses were listed in July in month on month comparison. Hot weather could be partly the reason for fewer houses listed for sale, according to some close to the housing market.
The cooler temperatures later in the year could actually have the opposite effect on the market and heat it up, according to some housing specialists.
A lower supply of residences means it’s quite a favourable time to place a house on the market for sale. It is now possible to get out in front of many other properties available by placing them on the market.
House owners making the decision to possibly remortgage compared to selling their current home are still able to find mortgage deals featuring low interest rates. Although the standard base rate was increased a few days ago during the latest Bank of England monthly meeting, good deals with low rates and incentives are still possible.