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Falling house prices deter sellers from moving

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Tumbling home prices appear to have put homeowners off moving home, as new listings coming to the market dropped by 5.5.% in October, according to data.

In London the number of properties for sale fell by a steeper 6.8% last month, compared to September.

Overall new listings fell from 72,593 in September to 68,598 in October, as the usual Autumn rush failed to materialise, according to online estate agents Housesimple.

New stock levels were down in more than half of the 100 towns and cities analysed.

St Helens and Salford in the North West saw the largest declines in property supply, with new listings last month down by 33.8% and 28% respectively, compared to September.

On the other hand, Kings Lynn in the East and Lichfield in the West Midland saw the biggest increases of 45.3% and 38.6% respectively.

Sam Mitchell, Housesimple chief executive said: “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.

“And for many families who are being squeezed financially, while they might have equity in their homes, they may not have the liquid funds to cover buying and moving costs such as stamp duty and solicitor fees.”

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