Supply of homes for sale down almost a quarter in November
Homeowners are deciding to wait until the New Year to sell, according to HouseSimple.com, which found that new property listings in November fell by almost a quarter (22%) compared to October.
The online estate agent said that more than two thirds (67%) of UK towns and cities saw fewer new sellers marketing their properties last month.
In Bath for example, new property listings were down 50% compared to October, while Watford saw 40% fewer new sellers advertising their properties in November.
In the Capital, new sellers in November fell by nearly third (30.3%) on October. And there wasn’t a single London borough that saw supply rise last month, with the hardest hit, Kingston upon Thames, experiencing a 42.5% drop in new property listings.
Alex Gosling, CEO of HouseSimple.com, said: “There tends to be a drop off in activity as we approach Christmas, but this year the slowdown has started earlier.
“It’s been a tough year for the property market having to contend with the aftermath of a disastrous General Election and the fallout from Article 50 being invoked. And with generally negative Brexit news every day, that takes its toll.
“Homeowners may be feeling a little jaded and simply decided it’s best to take stock and start afresh in January.