Property listings fall by 25%

Property listings fall by 25%

The number of new property listings fell 25 per cent nationwide in the month of November, with the number of London properties for sale dropping by 34 per cent.

However, new listings were still up 5 per cent when compared with this time last year, as properties in some of the most popular towns and cities in the North West had bucked the downward trend. 

For instance, new housing stock increased by 35 per cent in Bootle, 16 per cent in St Helens, and 15 per cent in Carlisle, according to online estate agent 

HomeSimple's Property Supply Index looked at new property listings posted by estate agents across more than 100 UK towns and cities. It found the number of new listings in November had fallen by 13,895 to 54,703 at the end of the month.

Sam Mitchell, CEO of HomeSimple, said: "Despite all the political turmoil, the property market is actually holding up admirably, in no small part because of the buoyant micro markets in the north of England, particularly the North West and Yorkshire, where we are seeing healthy transaction levels. 

"Although the London market has seen buyer and seller activity cooling, those sellers who are willing to negotiate on price are securing a sale. The message for homeowners is that the housing market is still open for business and there are plenty of motivated buyers out there."

He added: "Sellers need to be prepared and willing to lower their expectations. If you have to accept a slightly lower offer on your house, there’s every chance you can pick up a property for a lower price, and recoup that money."

Shaun Church, director at Private Finance, said: "It does feel quieter out there, and the impression is people are sitting on their hands until they know more about what will happen with the Brexit deal. 

"That said, it’s probably a good time for first-time buyers, as there is Help to Buy and so on. It’s just the second- and third-time buyers who are holding back."