New properties 'flooding the Newham housing market'
PUBLISHED: 14:52 03 August 2018
PA Wire/Press Association Images
Newham is the only London borough where the supply of new properties coming onto the housing market is not drying up, research suggests.
Across the capital new listings of homes on the property market dropped by 12.7 per cent in July compared to June.
Meanwhile in Newham, the only borough where the supply of housing on the market rose in July, new property listings went up by 11.9pc compared to June, according to the research by estate agent HouseSimple.com.
Some boroughs such as Camden (-29.9pc), Kensington and Chelsea (-26.1pc) and Hackney (-24.1pc) experienced a significant drop off in the number of properties listed on the market.
The estate agent’s CEO, Sam Mitchell, blamed the slowing market on the weather, saying “it’s hardly surprising people headed to the beach rather than the estate agent”.
He added: “There is no evidence that buyers and sellers are withdrawing, and even yesterday’s rate rise is unlikely to have a dramatic impact on the market.”