House market slowing
8th November 2016

The number of houses put up for sale dropped in four out of five UK towns and cities in October and the number of new listings fell by nearly 7% in the same time, according to the latest Property Supply Index from online estate agent HouseSimple.com.

The slump is especially ominous as October is usually a busy month in the property market. Worst hit were Swansea with listings down 52% and Stirling, down 37.7%.

Alex Gosling, CEO of HouseSimple.com  said: "At this time of year we'd expect to see committed sellers rushing to put their properties on the market before the traditionally quieter period kicks in as we get closer to Christmas.

"The weather has also been unseasonably mild recently, and that should be encouraging sellers to list their houses as it presents an opportunity to show off their property in the best possible light.

"Instead, we have seen new listings stall in October, with supply down in four out of five UK towns and cities. This might simply be a correction after September saw a surge in  new properties coming onto the market, and the overall drop in property supply is still less than 2% in October compared to September.

"We may need to wait until the New Year now to see market activity pick up. But there will always be people that have to sell their properties in November and December, and that could mean opportunities to negotiate a good deal for buyers who have their finance in place and are ready to proceed.”