Four out of five UK’s towns and cities experienced a drop in property supply in October, with the number of new listings down 6.9% on average across the UK, according to the latest Property Supply Index from online estate agents HouseSimple.com.
In September, supply levels were up following the summer’s traditional property market lull. However, in October – a typically busy month for property market activity – new property listings fell in 81% of towns and cities.
London was no exception, as the number of new listings dipped 1.5% in the capital in October compared to September, while the number of property listings in Swansea and Stirling were down 52% and 37.7% respectively on the previous month.
Alex Gosling, CEO of online estate agents HouseSimple.com said: “At this time of year we’d expect to see committed sellers rushing to put their properties on the market before the traditionally quieter period kicks in as we get closer to Christmas.
“The weather has also been unseasonably mild recently, and that should be encouraging sellers to list their houses as it presents an opportunity to show off their property in the best possible light.
“Instead, we have seen new listings stall in October, with supply down in four out of fiveUK towns and cities. This might simply be a correction after September saw a surge in new properties coming onto the market, and the overall drop in property supply is still less than 2% in October compared to September.
“We may need to wait until the New Year now to see market activity pick up. But there will always be people that have to sell their properties in November and December, and that could mean opportunities to negotiate a good deal for buyers who have their finance in place and are ready to proceed.”
Housesimple.com is an online estate agency founded by Alex and Sophie Gosling. To compile its Property Index, HouseSimple looked at data on more than 500,000 listed properties to track the number of new properties marketed each month in more than 100 major towns and cities across the UK and all London boroughs.