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Property supply slumped in December

by: Mortgage Solutions
  • 09/01/2017
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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

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, 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.

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