kb-network    News 09 Dec 2016

November property supply in London falls by almost a fifth in comparison to October

Property supply in London falls by almost a fifth

Property supply fell 18.3% across London in November compared to October, with just two of London’s 32 boroughs experiencing any uplift in new property listings last month, according to the latest Property Supply Index from online estate agents HouseSimple.com.

The UK as a whole saw new property listings fall 11.9% last month, the biggest drop in supply in any single month this year. More than two thirds (67.4%) of towns and cities experienced a decline in property supply. In Hereford, for example, new property listings fell 42.1%, while supply was down 35.8% in Chichester in November.

Alex Gosling, CEO of online estate agents HouseSimple.com (seen here) said: “November is traditionally a buoyant month for the property market, with sellers looking to secure a sale before the festive break.

“It will come as something of a surprise then to see supply levels fall again last month, and a near 12% fall will be a concern when supply levels are extremely low in many areas.

“This drop in supply could simply be a correction after new listings jumped in September. It could also be due in part to the fallout from the EU vote and shock Trump election result, although the property market had proved extremely resilient to these two seismic events in the space of a few months.

“In truth, the lack of supply has been an issue throughout this year. There are plenty of buyers but sellers have been scarce on the ground. Now that Christmas is less than three weeks away, new listings are unlikely to pick up significantly, although for those sellers who need to sell, or fancy testing the market, they could have their pick of committed buyers.

“Looking ahead to 2017, the property market is in surprisingly good health considering the headwinds it’s faced in the second half of the year. And there’s a great deal of optimism that January will start with a bang as sellers come back with renewed vigour in the New Year.”