The number of new property listings made in November fell by 21.5pc ending a run of three months that saw figures increase month on month.
Property Supply Index compiled the data with online estate agents How Simple recording what they say is the biggest drop in property supply they have seen since they launched.
House Simple Chief Executive Officer, Alex Gosling said;
“Everyone knows by now that we have a property supply issue in this country, but these latest figures reveal just how severe that problem is as we head into the New Year.”
“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, and the lowest level since we launched the index in May.”
Property listings drop too dramatic
“Historically, as we get closer to Christmas, the property market does start to slow down, so a fall in property supply levels is not unexpected.”
“However, the drop off is too dramatic to be simply attributed to seasonality factors alone.”
Mr. Gosling was keen to point out that the government has implemented a number of schemes that are targeted to getting people onto the property ladder.
One such schemes launched recently was the Help to Buy ISA however Mr. Gosling says this is not addressing the issue if there are no homes for people to buy saying that schemes like this are merely window dressing.
Mr. Gosling said;
“It is vital the housing market starts the New Year with vigour, because there are some potentially stormy seas ahead with the new buy to let stamp duty hikes looming large on the horizon.”
While the number of property listings made in November may have fallen, some agents are pointed out the people tried to sell property are missing a trick by not utilising Christmas.
Jayne Morgan from Austin Brooks Estate Agents urged sellers to capitalise on the number of people who are house hunting at Christmas.
“Many homeowners thinking about selling, hold off until January but these statistics suggest that putting your house on the market before the festivities begin can have great advantages.”
“People thinking about moving have more time during the holiday period to browse the web for their dream home.”
