Number of UK properties for sale drops

December 22, 2015 by Brendan

Property Market

According to recent statistics from HouseSimple.com, an online estate agent, the number of properties put up for sale during November this year, fell by 21.5% around the UK.

The property company revealed that this was the largest drop in supply since the Property Supply Index was introduced in May 2015. London’s property supply also fell during November by 21%. The figures varied throughout the UK, with the largest fall in housing supply being in Bath with a 42.6% reduction in comparison to October. Bromley and Hillingdon both experienced a fall of 30% in November, while Solihull and Worcester dropped by 41%.

According to data released by Rightmove, the number of properties in Bath placed on the market during June this year had peaked at 284, whereas only 135 new listings were recorded in November. The only towns to experience an increase in new listings during November were Salford and Chichester, with 11.6% and 14.8% respectively.

The CEO of HouseSimple.com, Alex Gosling, reported that the number of houses for sale in November had dropped by 20,000 to a little over 65,000 properties. He stated that the drop was far too dramatic to be attributed to lower sales as Christmas approaches. Gosling added that although the government had introduced a number of schemes to help people buy their own home, they hadn’t addressed the shortage of supply.

Buying and selling a property can be stressful, which is why many people approach a CeMAP qualified mortgage adviser before making the decision to move home.