New property listings fell by 21.5% across the UK in November following three months of small rises, according to online estate agent HouseSimple.com. HouseSimple.com said it was the biggest drop in property supply in any one month since the index launched in May 2015. The figures revealed that the property supply in London also nosedived […]
New property listings fell by 21.5% across the UK in November following three months of small rises, according to online estate agent HouseSimple.com.
HouseSimple.com said it was the biggest drop in property supply in any one month since the index launched in May 2015.
The figures revealed that the property supply in London also nosedived in November, falling by more than a fifth (21%).
Richmond upon Thames saw new property listings drop by 31%, while Bromley and Hillingdon each experienced a 30% drop off in new property listings last month.
The biggest decline in property supply last month was in Bath, with new property listings down 42.6% on the previous month.
According to Rightmove figures, only 135 new properties in Bath were listed in November, compared to a high of 284 in June.
The West Midland cities, Worcester and Solihull, saw new property listings fall 41% and 39% respectively in November.
Chichester and Salford were the only towns in the UK to see an increase in new property listings in November, with rises of 14.8% and 11.6% respectively.
According to Rightmove figures, Bootle and Swansea have seen the biggest swing in property supply in the past two months, with October seeing a 47.4% and 36.6% rise respectively in property supply, followed by a 35.1% and 23.9% fall respectively in supply in November compared to October.
Alex Gosling, CEO of HouseSimple.com, said: “The total number of new property listings in November across the UK was just over 65,000 – that is nearly 20,000 less than in October, and the lowest level since we launched the Property Supply Index in May.
“Historically, as we get closer to Christmas, the property market does start to slow down, so a fall in property supply levels is not unexpected. However, the drop off is too dramatic to be simply attributed to seasonality factors alone.
“The government has implemented several schemes to help people get onto the property market, the latest of which being the Help to Buy ISA. However, they aren’t addressing the supply shortage, and if there are no homes to buy, these schemes are just window dressing.”
