November sees property listings slump by 22%

November sees property listings slump by 22%

New figures suggest the housing market has already packed up for Christmas with homeowners deciding to wait until the New Year to sell.

According to the latest Property Supply Index compiled by online estate agentsHouseSimple.com, new property listings in November fell by almost a quarter (22%) compared to October.

HouseSimple.com looked at new property supply across 100 major UK towns and cities in November vs October. More than two thirds (67%) of UK towns and cities saw fewer new sellers marketing their properties last month.

Bath is a popular city with home buyers, particularly families moving out of London, but new stock is currently hard to come by with new property listings down 50% on October. While, in Watford, a commuter town, there were 40% fewer new sellers advertising their properties last month.
In the Capital, new sellers in November tumbled by almost a third (30.3%) on October. And there wasn’t a single London borough that saw supply rise last month, with Kingston upon Thames experiencing a 42.5% drop in new property listings.

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

Town/City

Region

% fall in new listings in Nov vs. Oct

Bath

South West

-52.4%

Watford

East

-39.6%

Lincoln

East Midlands

-38.2%

Warrington

North West

37.6%

Torquay

South West

-36.2%


The following table shows the five UK towns and cities that saw the biggest rises in new property listings in November 2017 vs October 2017:

Town/City

Region

% fall in new listings in Nov vs. Oct

Newquay

South

62.1%

Truro

South

55.9%

Lichfield

West Midlands

43.2%

Halifax

West Yorkshire

26.6%

Loughborough

East Midlands

27.3%

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “There tends to be a drop off in activity as we approach Christmas, but this year the slowdown has started earlier. It’s been a tough year for the property market having to contend with the aftermath of a disastrous General Election and the fallout from Article 50 being invoked. And with generally negative Brexit news every day, that takes its toll. Homeowners may be feeling a little jaded and simply decided it’s best to take stock and start afresh in January.

On a more positive note, the housing market received a welcome boost in the Autumn Budget, with the Chancellor announcing that he was cutting stamp duty for first time buyers. This will hopefully stimulate the bottom end of the market, and feed through to increased housing supply as people further up the chain see more active buyers. More than ever, we need a strong first quarter as 2018 is set to be a challenging year as Brexit talks gather pace.”

Join our mailing list:

Leave a comment



Latest Comments

Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

view article
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

Related stories

More articles from Property