Property supply slows in October

Following a short burst of activity in the UK property market during September, this month’s market is subdued in comparison.  National figures for properties ‘Sold’ sat at 0.3% and new listings ‘For Sale’ at -11.2%.

While a seasonal adjustment during October comes as no surprise the decline in this month’s figures is greater than those recorded 12 months previous, where new listings sat at -4.3% and properties ‘Sold’ at 2.7%

Across the rest of the UK the slowdown in activity continued. Only four of the twelve regions recorded by the Property Activity Index reported increases in properties ‘Sold’ and none recorded increases in new listings ‘For Sale’.

This month’s top performing region was the West Midlands. Figures for properties ‘Sold’ increased for the second consecutive month to sit at 13% while new listings ‘For Sale’ recorded a marginal decline, sitting -4.9%.  However, over a three month rolling period we can see that figures for new listings are actually down by -3.9% overall.

Of the remaining twelve regions resilient figures were returned from:

Properties ‘Sold’

  • South West 10%
  • London 6.4%
  • North West 5.8%

New listings ‘For Sale’

  • Wales -0.4%
  • East Anglia -7.6%

The largest declines recorded in this month’s Property Activity Index were made in the North East.  Following robust activity in September, figures for October saw a steep decline. New listing ‘For Sale’ fell to sit at -31.2% a record low for the region, as did properties ‘Sold’ at -18.1%.  Again if we look at data recorded over a three month rolling period, figures for the region remain promising with new listings ‘For Sale’ sitting at -4% and properties ‘Sold’ at 3.4%.

Agency Express Comments

Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: 

During October we traditionally observe a seasonal slowdown, however this month’s Property Activity Index has shown one consistent trend across the UK and that is a slowdown in supply.  As we head in to the last few months of the year it is unlikely that we will see any major increases. However, if the slowdown in supply continues it will be interesting to see how the market picks up in the New Year where a spike in supply is expected.

Monthly % Changes for October 2016

% Changes for Aug - October 2016

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
Oct 16 Oct 15 Oct 16 Oct 15
NATIONAL -11.2 -4.3 0.3 2.7
Central England -11.3 -6.1 -0.9 7.3
East Anglia -7.6 2.5 -2.5 -3.6
East Midlands -18.3 2.1 -14.3 9.1
London -7.2 -8.3 6.4 4.9
North East -31.2 4 -18.1 6.1
North West -8.4 -1.3 5.8 4
Scotland -15.1 -9 -7 18.8
South East -20.7 -6.2 -4.1 1.4
South West -12.2 -2.2 10 -5
Wales -0.4 -10.7 -2.5 -4.1
West Midlands -4.9 -9.4 13 12.1
Yorks & Humber -10 -5.9 -2.7 5.2
New Listings Properties Sold
Aug -
Oct 16
Aug -
Oct 15
Aug -
Oct 16
Aug -
Oct 15
NATIONAL -4.1 -2.6 1.9 -0.6
Central England -2.6 -1.3 3.9 1.9
East Anglia -3.7 -3.8 0.5 -2.2
East Midlands -7.9 -3.4 1.7 -3.9
London -2.5 2.4 3.4 -0.5
North East -4 -1.9 3.4 0.4
North West -4 -0.1 2.7 -1.9
Scotland -2.9 -5.1 0.4 1.5
South East -6.1 -2.3 2.2 -0.4
South West -4.8 -5.4 1.7 -2.1
Wales -5.6 -2.1 -1.4 -1.8
West Midlands -3.9 -4.2 6.5 4.2
Yorks & Humber -3.6 -2.7 0.3 1.1
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