Property supply plummets in London
Only two of the capital’s 32 boroughs saw a rise in new property listings in November, as supply fell across the UK, according to HouseSimple.com.
The online estate agent said that UK property supply fell 11.9% last month, the biggest monthly drop this year, with more than two thirds (67.4%) of towns and cities experiencing a drop in new listings. In London supply of property plummeted by 18.3%.
But the biggest drop was recorded in Hereford where supply of property fell by a whopping 42.1% in November, followed by Chichester where supply was down 35.8%.
On the up
Despite the majority of towns and cities experiencing a supply shortage in November, there were exceptions, with almost a third (28.7%) seeing an uplift in new properties listed, including Swansea, where listings rose by an enormous 89.6%.
Alex Gosling, CEO of HouseSimple.com, 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.”