Will property listings pick up after December’s drop?
Recent research has revealed that the final month of 2017 saw the lowest number of homes listed on the market during the entire year.
According to findings from HouseSimple.com, December’s levels of new stock dropped by 33.5% month-on-month, at a total of 34,776 across the UK.
Whilst June had the second most modest monthly supply level, it was comparatively much higher, with new listings totalling 44,267.
When putting the research together, the online estate agent analysed the number of new properties listed by estate agents in 100 major UK towns and cities in December. They found that just five places saw an uplift in new listings, with ten seeing a fall of at least 50%.
The areas to see the most significant fall in new housing stock were Newquay and St Helens, both seeing a drop of 63.8%. They were closely followed by West Bromwich, which saw a decline of 61.1% in property supply during the final month of 2017.
Commenting on the figures was Alex Gosling. The founder of HouseSimple.com highlighted his hopes for the market this month, with factors such as the stamp duty cut hopefully incentivising buyers.
“The property market needs a sizeable bounce in January after 2017 ended with a whimper. It was a tough year with Article 50 and the General Election to contend with and there were already signs in November that sellers had decided to hold fire until the New Year. December confirmed that assertion, with new listings tumbling last month.
“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 EU 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.”