New research has revealed that four out of five UK towns and cities saw a fall in property supply during October.
Data from the report by HouseSimple.com also shows that the number of new listings were down by 6.9%.
During September, supply levels increased after the summer’s traditional lull. In October however, new listings slipped in a huge 81% of towns and cities.
The greatest falls were recorded in Swansea and Stirling, where property listings fell by 52% and 37.7% respectively on the previous month.
In order to complete the Index, HouseSimple looked at data from more than 500,000 listed properties to track the number of new properties coming to market in over 100 towns and cities. In addition, the survey looked at all London boroughs.
The table below indicates where the sharpest falls in new listings in UK towns and cities were recorded during October:
||% fall in new listings in October vs. September
Property supply falls in the UK during October
Alex Gosling, CEO of online estate agents HouseSimple.com, notes: ‘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 five UK 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,’ he continued.
Looking forwards, Gosling observed: ‘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.’