Pre Christmas slump sets in for UK property market

November’s data from the Agency Express Property Activity Index, has revealed a slowdown across UK property market as we head towards the festive period.

However, we were not surprised to find that this year’s slowdown in activity was far greater than November 2019. National month on month figures for new listings ‘For Sale’ fell at -26.5% as did figures for properties ‘Sold’ at-16.9%; Figures in 2019 sat at -7.4% and -8.7%.

Across the UK the seasonal trend continued with all regions recording declines in both properties ‘For Sale’ and ‘Sold’.

New listings ‘For Sale’

  • East Anglia -23.8%
  • South West -24.4%
  • Yorkshire & Humberside -25.2%
  • East Midlands -25.9%
  • North West -27%
  • Central England -27.1%
  • South East -27.9%

Properties ‘Sold’

  • South East -8%
  • Yorkshire and Humberside -12.2%
  • South West -13.4%
  • North East -15.6%
  • North West -15.8%
  • Central England -17%
  • East Midlands -18.3%

London reported the smallest declines in this month’s Property Activity Index with properties ‘Sold’ falling marginally at -1.7%, and falling for a second consecutive month, new listings ‘For Sale’ sat at -20.6%.

The greatest declines in this month’s Property Activity Index were recorded in Scotland. Falling for a second consecutive month, new listings ‘For Sale’ sat at -35.6% and properties ‘Sold’ at -26.9%. While Scotland historically reports a substantial slowdown in activity during November, this month is the largest on record for the region.

Commenting on the latest index results, Ben Brookes, Managing Director of Agency Express said: During November we typically see a seasonal slowdown but this year’s figures have undisputedly been affected by Lockdown 2 and the general caution across the nation during the period. We have now entered the downward course to Christmas where activity really starts to holt but with COVID vaccines on the horizon and a predicted increase in house prices, we hope to see a bounce in the market come January.

 

 

Monthly % Changes for November 2020

% Changes for Sep - November 2020

New Listings
% Change over last 12 months vs Previous 12 months

Properties Sold
% Change over last 12 months vs Previous 12 months

New Listings Properties Sold
Nov 20 Nov 19 Nov 20 Nov 19
NATIONAL -26.5 -7.4 -16.9 -8.7
Central England -27.1 -6.4 -17 -13.5
East Anglia -23.8 -0.5 -22.3 -10.4
East Midlands -25.9 -14 -18.3 -14.4
London -20.6 42.9 -1.7 5.7
North East -29.1 -12.9 -15.6 2.5
North West -27 -15 -15.8 -6.6
Scotland -35.6 -24.9 -26.9 -18.1
South East -27.9 8.3 -8 -3
South West -24.4 -15.1 -13.4 0.9
Wales -28.8 -14.1 -30.8 -16.1
West Midlands -29.7 -16.1 -21.5 -8.7
Yorks & Humber -25.2 -16.6 -12.2 -15.4
New Listings Properties Sold
Sep -
Jan 20
Sep -
Nov 19
Sep -
Nov 20
Sep -
Nov 19
NATIONAL -10.6 -3.5 -4 -1.3
Central England -10.7 -2.2 -1.6 -4.7
East Anglia -10.9 3.2 -3.3 1.4
East Midlands -9.8 -7.3 -3.9 -2.6
London -4.8 17.6 2.6 4.9
North East -10.7 -8.5 -4.6 -3.1
North West -8.8 -5.4 -4.3 0
Scotland -14.5 -10.9 -11.8 -8.9
South East -13.9 3.3 -1.6 2.4
South West -10.7 -8.2 -0.7 0.9
Wales -13.4 -7.5 -14.1 -3.4
West Midlands -9.6 -7.5 -6 -5
Yorks & Humber -10.5 -8.6 -3.4 -0.8
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