You are here: Home - News -

Property supply slumped in December

by: Mortgage Solutions
  • 09/01/2017
  • 0
Property supply slumped in December
A slump in property supply in December was more significant than the usual festive slowdown, as new listings fell sharply, according to HouseSimple.com.

The online estate agent said that the number of new properties on the market fell by almost half (46.9%) last month compared to November. It added that an overwhelming 98% of towns and cities in the UK saw a decrease in new listings.

Biggers fallers

Southport saw the biggest fall in supply – down 71% over the month, with Rugby close behind at 70.1%.

Only two towns witnessed a rise in new properties on the market – Salford where listings rose 8% and Telford where they went up 4.1%.

Property supply in London fell by 53.6%.

Alex Gosling, CEO of online estate agents HouseSimple.com, said: “The run-up to Christmas is chaotic, so most people wait until January to put their house on the market – as a result, a slowdown in new listings is pretty typical.

“But the December just gone was particularly slow and the fear is that this steep drop-off could hail the start of a more tentative market as inflation starts to rise and people feel less confident financially. How the job market and economy perform will be critical for the property market in the months ahead.”

The latest Halifax House Price index showed an annual increase in house prices in the three months to December of 6.5%. The bank expects house price growth to slow next year to between 1 and 4% but said a lack of supply of homes would help to underpin property prices.

There are 3 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
2350984-mortgage-application-form
Bank of Ireland shakes up criteria across residential and buy to let

Bank of Ireland UK has made a number of improvements to its lending criteria which will allow customers to borrow...

Close