December sees decline in new listings
Recent research has revealed a fall in the in the number of properties listed at the end of 2017.
According to data from HouseSimple, December new saw stock levels fall by over a third (33.5%) in comparison to the previous month, with under 35,000 new properties coming onto the market.
Based on figures from estate agents across 100 towns and cities, the research found that just five places observed a rise in the number of homes hitting the market. Among these were Worthing, Newport and Torquay.
The research also found that ten locations saw a drop of at least 50% in the final month of last year, with St Helens and Newquay observing the steepest drop of 63.8%. At a fall of 61.1%, West Bromwich was not too far ahead, with Sale and Manchester seeing a fall of 59.3% in new property listings.
December 2017 also marked the second consecutive month where all London boroughs saw a decline in sellers, with just 13,430 putting their property on the market.
Commenting on the figures was Alex Gosling. The Founder of HouseSimple stated: ‘Historically, we do tend to see an uplift in activity in January, and with the stamp duty cut incentivising first time buyers to purchase, this will hopefully act as a stimulus to sellers who have been reluctant to market.
‘We expect 2018 to be another challenging year for the property market as the UK’s exit from the European Union draws closer. House price growth is predicted to be flat or at best low single digits, but that should provide encouragement to buyers who have had to battle against rising prices for a number of years.
‘For sellers, it’s the same message. There is no point in delaying putting your property on the market if you need or want to move. There are still plenty of buyers out there, and if you’re committed you will sell.’