Property supply down in October, as new listings dip under 70,000
The number of new properties listed for sale in October fell by 5.5% across the UK, according to Housesimple.
The online estate agent said that listings fell from 72,593 in September to 68,598 in October.
In the capital supply was down by 6.8%, as recent house price falls, particularly in the South East and London, may have dissuaded homeowners from putting their homes on the market.
No Autumn rush
The traditional seasonal rush to move before Christmas hasn’t materialised, with new stock levels down in more than half (59.7%) of the 100 towns and cities analysed.
St Helens in the North West saw the greatest decline in property supply, with new listings last month down by more than a third (-33.8%) on September figures.
Sam Mitchell, CEO of HouseSimple.com, said: “After supply picked up in September, we were hoping this would lead to healthy new stock levels up to Christmas. But the resurgence in listings was rather short-lived as new supply fell again in October, albeit just below 70,000.
“This can hardly be considered a collapse, but stock levels have been bouncing along at the bottom of the barrel for some time now, and no-one seems to know how to boost supply.
“The immediate issue is that a combination of interest rate rises, Brexit fears, and a barrage of negative news surrounding house prices, has spooked homeowners. With house prices falling in a number of areas, most notably London and the South East, homeowners are choosing to wait and see what happens next before making the decision to move.”