Property

Where have been the worst-hit areas of the property market freeze so far?

Property Reporter
|
22nd April 2020
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With the property market currently on ice due to the ongoing crisis and lockdown measures, newly released data from GetAgent has revealed which areas of the UK have been hit the worst, based on the reduction of property stock hitting the market as online listings.

The firm found that the worst-hit area has been Woking, where there were some 337 total property listings posted in just over a month prior to lockdown. In the short time since, this has fallen to a total of just 18 new listings, a reduction of -95%.

East Renfrewshire, East Dunbartonshire, Three Rivers (-94%) and Ely (-93%) are also amongst the areas to see the largest decline in property stock hitting the market.

Hillingdon and Bromley have been the worst hit London boroughs with a drop of -91%.

See the full list here.

Not everywhere has been hit as hard though

West Lancashire (-26%), Greenwich (-29%), Blaenau Gwent (-31%), Guildford (-45%), Monmouthshire and Liverpool (-47%) have seen less than a 50% reduction while the level of stock still hitting the market also remains fairly robust.

Colby Short, founder and CEO of GetAgent.co.uk, commented: “The varied list of areas to have seen both some of the highest and lowest levels of listing decline demonstrates the varied makeup of the UK market, as well as the erratic impact the spread of the Coronavirus is having on home seller sentiment.

"In some areas, such as Woking, the market has pretty much dropped off a cliff since the lockdown was implemented, whereas other areas have seen a decline but continue to register more robust levels of new listings.

"This is certainly due to influences such as a high concentration of new-builds, with many developers having to keep selling due to the fact that they have money tied into developments and interest repayments to make.

"Many new build developers also have the benefit of selling empty properties which makes social distancing measures easier, while many new build buyers, particularly those from overseas are happier to transact based on a virtual viewing.”

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