London Property Stock falls 25% in November

Brexit uncertainty and political conflict may have played a part in sellers deciding to not list their properties in November. New property stock dropped by 33.8% in London and 25.4% across Britain compared to the month before.

Online estate agents Housesimple compiled a Property Supply Index showing that new listings in analysed areas decreased from 68,598 in October to 54,703 in November. Despite this slowdown, new property stock levels were up 5% compared to November 2017.

Property sellers in the North West don’t appear to have been bothered by the uncertainty surrounding Brexit, as many cities and towns across the region have witnessed an increase in new property listings in November. The biggest rise in property stock levels took place in Bootle, St. Helens, and Carlisle.

Across Britain, November new property listings were down in 88% of the 100-plus cities and towns analysed for the Index, and new property stock in London fell by over a third in all of its boroughs.

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Housesimple CEO Sam Mitchell said that although new seller numbers were down again in November, the levels are actually higher than those reported in November 2017.

Despite the current political unrest, the property market is actually holding its own, mostly due to the livelier smaller markers in the north. The North West and Yorkshire are reporting active transaction numbers.

Although the London property market has seen a slowdown in buyer and seller activity, sellers who are willing to negotiate are managing to find buyers for their properties. This proves to homeowners that the market is still open and there are many buyers still out there.

However, sellers must be ready to lower their expectations. If they have to sell their home for a slightly lower price, there’s a good possibility that they can buy another property for a lower price and recoup any money lost by the sale. They should not miss out on a good property deal because they were holding out for a better offer on their home.

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