This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
After a burst of activity in the UK market during September, figures for property supply in October are subdued in comparison.
Nationally, figures for sold property stood at 0.3% and for sale -11.2%, according to the latest Property Activity Index from Agency Express.
Decline
A seasonal decline in October comes as little surprise, but the figures recorded this year are greater than those at the same period 12 months ago. Then, new listings were down -4.3%, while sold properties were at 2.7%.
Just four of the twelve regions assessed by the Property Activity Index saw increases in properties sold, while none recorded increases in new listings for sale.
The top performing region was the West Midlands, where figures for properties sold rose for the second straight month to stand at 13%. Listings for sale saw a decline to -4.9%. Over a three month period, new listings were down by -3.9% overall.
At the other end of the scale, the largest declines were seen in the North East. Here, after a strong September, figures for October fell sharply. New listings for sale dropped to hit -31.2%, while properties sold were at -18.1%.
In the twelve regions investigated, the best in terms of properties for sold were:
South West-10%
London-6.4%
North West 5.8%
And for new listings for sale, the best figures were seen in:
Wales- -0.4%
East Anglia- -7.6%
Property supply slowdown for October
Slowdown
Stephen Watson, Managing Director of Agency Express, observed: ‘During October we traditionally observe a seasonal slowdown, however this month’s Property Activity Index has shown one consistent trend across the UK and that is a slowdown in supply. As we head in to the last few months of the year it is unlikely that we will see any major increases. However, if the slowdown in supply continues it will be interesting to see how the market picks up in the New Year where a spike in supply is expected.’[1]
[1] Property Activity Index Press Release, ‘October 2016 Sales Report’ 04.11.16
