Housing supply levels drop in October

Housing supply levels drop in October

The latest Property Supply Index compiled by online estate agents HouseSimple.com, has revealed that new supply levels fell again during October after a brief boost during September.

HouseSimple.com figures show that the total number of new properties marketed by estate agents across the UK last month was down 4.3% on September, and 1.2% lower in London. This follows a 20% spike in new listings in September, after a quiet summer.

Every month, HouseSimple.com analyses the numbers of new properties listed by estate agents in more than 100 major UK towns and cities to compile its Property Supply Index.

The latest Index reveals that three quarters (75.2%) of UK towns and cities saw new property listings fall in October vs. September, with supply dropping 37.4% in Torquay and 37.0% in Oxford. Wolverhampton also has the unenviable accolade of being the only city in the UK where new property listings have fallen for the fifth consecutive month.

The following table shows the ten UK towns and cities that saw the biggest falls in new property listings in October 2017 vs September 2017:

Town/City

Region

% fall in new listings in October vs. September

Torquay

South West

-37.4%

Oxford

South East

-37.0%

Lichfield

West Midlands

-31.5%

Nuneaton

West Midlands

-31.2%

Aberdeen

Scotland

-31.1%

Telford

West Midlands

-29.6%

Salisbury

South West

-28.6%

Cheltenham

South West

-26.9%

Barnsley

South Yorkshire

-25.7%

Rotherham

South Yorkshire

-25.2


London

After new property supply shot up by more than 40% in September, supply has dropped off alarmingly in October, down 1.2% on the previous month. Any hope estate agents in the Capital may have had that the supply drought was finally starting to ease, seems to have been dashed. Only two boroughs, Ealing (10.4%) and Enfield (10.1%), saw double digit rises in new property listings last month vs September.

The following table shows the five London boroughs that experienced the biggest falls in new property listings in October 2017 vs. September 2017:

London Borough

% fall in new listings in October vs September 2017

Bromley

-10.9%

Greenwich

-9.1%

City of Westminster

-8.0%

Brent

-7.1%

Kensington & Chelsea

-7.0%

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “A shortage of new properties coming onto the market has been an issue for as long as anyone can remember, and despite a substantial boost in supply in September, levels have lapsed again in October, albeit they only retreated 4.3% which is cause for some optimism.
 
The housing market is in desperate need of a prolonged period of supply growth rather than isolated months where seller numbers rise, only to fall back the following month. We probably won’t see numbers jump again this year, but steady levels in November and December would at least give the market a strong base going into the New Year, particularly with some heavy Brexit headwinds heading our way. The Government can also play its part by delivering a positive Autumn Budget for the UK property market in a couple of weeks’ time. A shake-up of the stamp duty tax system would be a good start.”

Join our mailing list:

Leave a comment



Latest Comments

Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

view article
richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

view article
Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article

Related stories

More articles from Property