First Time Buyer
Property supply plummets in November
Listings of new properties for sale fell by a massive 21.5% across the UK in November, according to the latest Property Supply Index from HouseSimple.com.
Property supply in London also nosedived, with no single London borough seeing a rise in property listings in November.
But it was Bath that experienced the biggest drop in supply last month, with new property listings down 42.6%. According to Rightmove figures, only 135 new properties in Bath were listed in November, compared to a high of 284 in June.
West Midland cities, Worcester and Solihull, saw new property listings drop 41% and 39% respectively in November.
In fact, Chichester and Salford were the only towns in the UK to see an increase in new property listings in November compared to October, with rises of 14.8% and 11.6% respectively.
Alex Gosling, CEO of HouseSimple.com said: “Everyone knows by now that we have a property supply issue in this country, but these latest figures reveal just how severe that problem is as we head into the New Year. The total number of new property listings in November across the UK was just over 65,000 – that is nearly 20,000 less than in October, and the lowest level since we launched the Property Supply Index in May.
“Historically, as we get closer to Christmas, the property market does start to slow down, so a fall in property supply levels is not unexpected. However, the drop off is too dramatic to be simply attributed to seasonality factors alone.”
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