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The latest data on property supply from online estate agents, HouseSimple.com, has revealed that the seasonal slowdown in property supply was sharper than usual in December, with new property listings across the UK down by as much as 46.9%.
The UK as a whole saw new property supply fall in almost every (98.4%) town and city in December, with new listings lower than at any point over the course of the past year. In Southport, for example, new property listings fell by more than 71%, while supply dropped by 70.1% in Rugby during the last month of the year. Only Salford and Telford saw property listings increase – up 8.5% and 4.1% respectively in December.
To compile the Index, HouseSimple looks at data on more than 500,000 listed properties to track the number of new properties marketed every month in more than 100 major towns and cities across the UK and all London boroughs.
The following table shows the UK towns and cities that experienced the biggest falls in new property listings in December versus November:Full/source story Meanwhile, Halifax reported that property prices finished the year strongly.
The latest Halifax house price index has revealed that over the last three months of 2016, the average price of a home in the UK was 2.5% higher than in the previous three months.
The quarterly rate of change in December was the highest seen since March 2016.SEE ALSO - 9 reasons why property remains a viable investmentUP NEXT - BTL hotspots - where to buy in 2017?DON'T MISS - Where next for house prices?NOW WATCH:
So why do we think this is ????
LL have a stropp and have gone on strike!
They ain't buying no more!
Courtesy of S24 and SDLT.
Who'd of thought!?
Where's all the FTB!?
Aren't they supposed to be now free to buy up every property that allegedly the nasty old LL used to buy up!?
Nothing to do with whether or not landlords are buying, the post was about the number of properties listed for sale.
If the demand isn't there people won't list their property for sale
So there is a direct correlation to reduced supply and demand
Believe me if S24 and SDLT went away there would be a rapid increase in properties for sale as the demand would have returned
Without investors the property market will remain very subdued.
Sorry, I don't think that's correct. Most people selling their homes wouldn't know the first thing about S24 and the extra stamp duty, why would they??
I know that S24 has given you some grief, but not everything's about it!
I think you misunderstand the UK property market.
Those who wish to sell are very aware of demand
Many test the market and if they don't achieve their price they delist and stay where they are.
They don't need to understand why there is reduced demand, they just need to assess that is the case.
Indeed such is the reduced demand that many OO are choosing to stay and extend.
It is becoming evident that LL have supported the property industry for some time.
Without them then the demand for property is substantially reduced.
I believe there will be subdued demand for many years.
Until LL get going again as incorporated entities then for about the next 6 years things will be very subdued.
Even as corporate entities the new PRA regulations etc will impose a permanent reduction in the ability of even corporate LL to be able to buy at previous levels.
So I don't consider the market will recover even if the the LL returns as a corporate entity.
Until FTB start doing their job and buy property many potential vendors will fail to put their property on the market.
As a consequence of this reduced demand there will be fewer properties listed for sale as is already evidenced by the considerably reduced numbers of property for sale.
Nobody will publicly admit it
But it is fact that LL have supported the property industry sales for decades.
You would have thought that now the LL is no longer allegedly competing with the FTB that FTB should have no problem in buying those properties
This is clearly not happening
It somewhat makes a bit if a mockery of S24!!
Thanks for the courteous reply Paul, not an insult in sight :-)
I remain unconvinced that S24 is a major reason for the fall in numbers of new properties listed in December. If I had to choose one reason for it, I'd cite the economic uncertainly surrounding Brexit, but I'm sure it's a combination of factors.
Just as an aside, wasn't there a lot of talk on PT about S24 forcing many highly leveraged LLs to sell, thereby creating a glut of new listings?
You could well be correct with your conjecture
I reckon it is probably a consequence of all that we have discussed.
Of course we are only surmising the reasons for the reduction in listed properties
I don't think even the property professionals are too sure..
But it surely cannot be just coincidence that this situation has occurred at the same time as S24 and SDLT etc.
If I was in a position to buy I certainly would not have been put off by the Brexit vote.
Even if there is an eventual reduction in immigration there will still be an unsatisfied demand for property of all types.
I believe if you intend to hold property for the long term then there are few issues to be concerned about
Yes S24 could well cause a temporary reduction in property prices
But once all those forced S24 sales are squeezed out of the market it will be business as usual
Especially for cash rich and corporate LL.
The poor sods like me who remain sole traders are due for the chop over the coming years.
We just have to make as much as we can until S24 forces us out of business!!
Paul, you said "...It is becoming evident that LL have supported the property industry for some time.
It somewhat makes a bit if a mockery of S24"
In fact, George F. Osborne claims to have introduced S24 for that very reason why - to remove demand from BTL landlords so that reduced demand will keep prices lower and allow more FTBs and others to buy. So whilst you think you're arguing against s24, you're in fact validating GFO's introduction of it.
I think this is all t do with confidence
I have thought we could have a stagnant market where no one moves and no one sells
I am surprised how fast it is happening