London listings dropped 19.9 per cent making it the fastest falling region and dragging down the UK average, the latest Property Supply Index from online estate agency Housesimple reported.
Listings nationally, excluding London, fell by 8.7 per cent.
Listings in Scotland and the North East held up the best, with drops of 2.1 per cent and 2.4 per cent respectively during August. Sam Mitchell, chief executive at Housesimple, said that the decline in new listings was to be expected during August when homeowners go on holiday and that September was traditionally among the busiest months of the year.
The interesting question is how much listings will bounce back in September. We usually see a 15 to 20 per cent increase in listings between August and September. However Brexit uncertainty may impact new listings, or on the other hand, vendors may look to push ahead before the Brexit deadline on 31 October.