You are here: Home - Mortgages - First Time Buyer - News -

Sellers hesitant as property listings crash 15 per cent

0
Written by:
18/11/2019
The number of new properties being brought to market has dropped almost 15 per cent compared with last year suggesting sellers are being put off by political uncertainty and slow price growth.

There was a 14.9 per cent year-on-year drop in the number of new sellers in November, as the price of a property coming to market saw a monthly decline of 1.3 per cent to £302,808, according to Rightmove’s House Price Index. 

Year-on-year, this was a 0.3 per cent increase in the average asking price. 

The East Midlands was the only region to see an annual increase in the average asking price as it increased by 2.2 per cent. 

Buyers undeterred 

However, the number of sales completed fell by just 2.9 per cent compared to this time last year, suggesting buyer activity remained relatively steady. 

Properties with four or more bedrooms were the most active sector in November with just a 1.4 per cent drop in the number of sales agreed as buyers took advantage of the 1.2 per cent decrease in price. 

Lack of choice driving sales 

Jeremy Leaf, former Royal Institution of Chartered Surveyors residential chairman, said: “What is surprising is that sales agreed seem to have held up very well. 

“Less choice can result in more sales as the lack of stock focuses the mind.” 

Miles Shipside, Rightmove director and housing market analyst, added: “Our monthly poll of the housing market shows a clear swing towards hesitation for prospective sellers, leading to buyers losing the extra choice that thousands more newly-marketed properties would bring.  

“In spite of this, buyers are continuing with their purchasing plans, with the number of sales agreed only marginally down on a year ago.” 

“Many buyers are getting on with their lives and making the most of the better negotiating opportunities that the distractions of electioneering and the seasonal slowdown in the run up to Christmas can bring,” he added.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week