Supply slows for the UK property market
The latest from the Agency Express Property Activity Index has shown a slowdown in properties coming on to the market, with new listings ‘For Sale’ sitting at -11.2%. While a seasonal adjustment during October is expected the Property Activity Index shows the decline in this month’s figures to be greater than those recorded 12 months previous, where new listings sat at -4.3%.
Across the rest of the UK the trend 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’. The West Midlands was this months top performing region with figures for properties ‘Sold’ sitting at 13% while new listings ‘For Sale’ recorded a marginal decline, sitting -4.9%.
The largest declines recorded this month’s were by the North East, where new listing ‘For Sale’ fell to sit at -31.2%, a record low for the region.
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.
To read the latest Property Activity Index report in full please click here: