UK property supply falls 25% in November

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Political squabbling and Brexit uncertainty may have contributed to sellers holding off listing their properties in November, as new supply fell 25.4% across the UK and 33.8% in London, compared to October.

According to the latest Property Supply Index compiled by online estate agents, Housesimple, new listings dropped from 68598 in October to 54703 in November across those areas analysed. However, despite this drop off, new stock levels were actually up 5% last month compared to November 2017.

And sellers in the North West don’t appear to have been spooked by Brexit uncertainty, with many towns and cities across the region seeing an uplift in new listings in November versus October. The five towns/cities which saw biggest rise in new stock levels last month were all in the North West, with supply up more than a third (34.7%) in Bootle, 16.2% in St Helens and 15.4% in Carlisle.

Across the UK, new property listings in November were down across 9 out of ten (88%) of the 100 plus towns and cities analysed, and new supply in London fell by more than a third (33.8%) with all boroughs seeing new stock levels fall last month.

Sam Mitchell, CEO of online estate agents, comments: “Although new seller numbers fell again in November, the levels we’re seeing are actually up on the same period last year.

Despite all the political turmoil, the property market is actually holding up admirably, in no small part because of the buoyant micro markets in the north of England, particularly the North West and Yorkshire, where we are seeing healthy transaction levels.

Although the London market has seen buyer and seller activity cooling, those sellers who are willing to negotiate on price are securing a sale. The message for homeowners is that the housing market is still open for business and there are plenty of motivated buyers out there.

But sellers need to be prepared and willing to lower their expectations. If you have to accept a slightly lower offer on your house, there’s every chance you can pick up a property for a lower price, and recoup that money. And you’d be kicking yourself if you missed out on a great property because you were holding out for a better offer on yours.”

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