New property listings on Rightmove plummeted by 21.5 per cent across the UK in November according to an analysis made by online estate agency HouseSimple.
After three months of small rises, new property listings fell by as much as 42.6 per cent in one location - Bath - which according to Rightmove saw only 135 new properties listed in November, compared to 284 back in June.
West Midland locations Worcester and Solihull saw new property listings drop 41 per cent and 39 per cent respectively in November.
Chichester and Salford were the only towns in the UK to see an increase in new property listings in November compared to October, with rises of 14.8 per cent and 11.6 per cent respectively.
According to Rightmove figures, Bootle and Swansea have seen the biggest swing in property supply in the past two months, with October seeing a 47.4 per cent and 36.6 per cent rise respectively compared to September - but then followed by a 35.1 per cent and 23.9 per cent fall respectively in November.
London has seen a dramatic drop in new property listings in November with supply down 21 per cent compared to October. Richmond upon Thames was worst - down almost a third (31 per cent) while Bromley and Hillingdon each had a 30 per cent drop.
No London borough saw an increase in new listings in November.
Alex Gosling, HouseSimple chief executive, insists this indicates more than just a seasonal drop-off.
“The total number of new property listings in November across the UK was just over 65,000 - that is nearly 20,000 less than in October. The drop off is too dramatic to be simply attributed to seasonality factors alone” he claims.
“The government has implemented several schemes to help people get onto the property market ... however, they aren’t addressing the supply shortage, and if there are no homes to buy, these schemes are just window dressing.”
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Alex must be fairly new to the game. When the clocks go back and the nights come earlier. Things slow.
And when the man in red with a white beard starts appearing the whole thing slows.
This a seasonal thing. Always has been. Always will be.
Spot on, Trevor. Happens every year.
Still, I agree with Alex's point that the supply shortage is not being addressed by the government's various gimmicky schemes. As he rightly says, it's just window dressing on their part. And very bad window dressing at that.
Very true Trevor, what's making things worse this year is that this lull follows a period of national stock shortages . The seasonal slowdown simply exacerbates the problem.
More should do MLS Steve. We've got lots of shared properties coming on daily. Better to make a share of setting than 100% of nothing.
Would seem as though Housesimple with big backers are trying to justify low stock (even with cheap fees). Crazy
To justify these claims Alex you should have also confirmed the year on year figures.
Never let a thing like facts get in the way of an agenda, Christian. That seems to be the mantra from many these days, at any rate.
Supply shortage is a problem which won't disappear anytime soon, and it looks like it's now affecting the seemingly invicible guys at Rightmove. Yes seasonal slowdown has always been a thing, but to this extent?
Calling the government schemes simply 'window dressing' seems a little harsh. Their proposals to build 400,000 homes in the next five years is a strong one, and hopefully it will be carried out in full to provide the homes which first-time buyers are desperately in need of.
If you believe they will build 400,000 new homes by 2020 you'll believe anything. Clue: it ain't gonna happen.
If we are to believe these findings then Bath isn't doing great with new property listings! This drop in listings is no different to previous years though, so hardly newsworthy. When January comes around, it will be a completely different story, as it is every other year.
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