UK property supply falls by nearly half in December

UK property supply falls by nearly half in December
How the job market and economy perform will be critical for the property market in the months ahead

The latest data on property supply from online estate agents, HouseSimple.com, has revealed that the seasonal slowdown in property supply was sharper than usual in December, with new property listings across the UK down by as much as 46.9%.

The UK as a whole saw new property supply fall in almost every (98.4%) town and city in December, with new listings lower than at any point over the course of the past year. In Southport, for example, new property listings fell by more than 71%, while supply dropped by 70.1% in Rugby during the last month of the year. Only Salford and Telford saw property listings increase – up 8.5% and 4.1% respectively in December.

To compile the Index, HouseSimple looks at data on more than 500,000 listed properties to track the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs.

The following table shows the UK towns and cities that experienced the biggest falls in new property listings in December versus November:

Town/City

Region

% fall in new listings in December vs. November

Southport

North West

-71.2%

Rugby

West Midlands

-70.1%

Edinburgh

Scotland

-66.6%

Bootle

North West

-65.8%

Inverness

Scotland

-64.9%

Crawley

South East

-59.3%

Newquay

South

-58.3%

Aberdeen

Scotland

-57.8%

Southend-On-Sea

East

-56.2%

Watford

East

-56.2%


The capital saw a larger than average drop in new properties being advertised, with the supply of new homes down by 53.6%. In London, the boroughs of Bromley and Enfield saw the sharpest drop-off in new listings, down 62.3% and 60.2% respectively.

The following table shows the London boroughs that experienced the biggest falls in new property listings in December 2016 versus November 2016:

London Borough

% fall in new listings in December vs. November

Bromley

-62.3

Enfield

-60.2%

Hackney

-59.5%

Bexley

-59.4%

Kensington and Chelsea

-59.3%

Haringey

-58.8%

Ealing

-58.2%

Waltham Forest

-57.6%

Kingston upon Thames

-57.4%

Harrow

-57.0%

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “The run-up to Christmas is chaotic, so most people wait until January to put their house on the market - as a result, a slowdown in new listings is pretty typical. But the December just gone was particularly slow and the fear is that this steep drop-off could hail the start of a more tentative market as inflation starts to rise and people feel less confident financially. How the job market and economy perform will be critical for the property market in the months ahead.”

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Latest Comments

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.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

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

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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...

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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...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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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

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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...

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Mark N.
Mark N. 30 Aug 2017

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

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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...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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