New research conducted by online estate agents HouseSimple.com has found that the seasonal slowdown in property supply was more profound than usual during December.
Data from the report shows that new listings across the UK were down by as much as 46.9%.
As a whole, the UK saw new property supply slide in 98.4% towns and cities during December. New listings were lower than at any point in 2016.
Southport saw the largest decline, with new listings down by 71%. Rugby saw a fall of 70.1%. On the other hand, Salford and Telford were the only regions to experience rises, with new listings up by 8.5% and 4.1% respectively.
In order to compile its Index, HouseSimple assesses data on more than 500,000 listed properties, in order to track the number of new properties marketed each month in over 100 towns and cities.
The table below indicates how new property listings fell in December as opposed to November:
|Town/City||Region||% fall in new listings in December vs. November|
London saw a higher than average fall in new properties being listed, with supply down by 53.6% in December. Bromley and Enfield were the boroughs with the largest decreases, with listings down 62.3% and 60.2% respectively.
The table below indicates the largest falls in new property listings in London during the last month:
|London Borough||% fall in new listings in December vs. November|
|Kensington and Chelsea||-59.3%|
|Kingston upon Thames||-57.4%|
Alex Gosling, CEO of online estate agents HouseSimple.com, noted: ‘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.’