More stock hitting the market – 64% jump in new property listings
With a somewhat uncertain property market and with many areas across the UK reporting on price drops we are now seeing that new property listings in January 2019 were up by almost two-thirds (64%) on December 2018, from 31,825 to 52,207.
When I browse property portals there is certainly a constant flow of new valuations and having been looking for well over 8 months now I know this is a change from what I was seeing back in the first half of 2018. Lots of the property do seem to be landlord stock now being dumped with many awkward corner / main road style listings (over valued still) coming on the market and in most cases the property is empty (by viewing the agent’s photos) and they look well worn and in a big need of a freshen up.
Brexit is now on the horizon and a deal has to take place even if it ends up that democracy did in deed win the day and there is a no deal, ie Leave. Is there a panic before the storm, a grab what you can before property prices tumble and this is starting off with landlords cutting down their portfolios as profits from rentals tumble or maybe it is simply that time of the year which sees increased activity from people wanting a fresh start for the year and a new move?
Sam Mitchell, CEO of HouseSimple.com, commented: “We would normally expect to see activity pick up in the New Year, but no-one was quite sure how sellers and buyers would react to the amplified Brexit uncertainty in January. In the end, it proved to be a busy month for sellers in particular, and even with the distraction of the Commons vote mid-month, homeowners were keen to make up for lost time.
“We are seeing a ‘life goes on’ attitude amongst homeowners, and many view the current political climate as an opportunity to market and secure a sale while there is less competition around.
“It’ll be interesting to see how the next few months pans out. If the odds improve on a Brexit deal, we could see a cavalry charge of sellers putting their homes on the market. What we won’t necessarily see is an immediate surge in buyers, and savvy sellers may see this period of Brexit limbo as the perfect opportunity to market and have the pick of the buyers out there.”
Full report on the Housesimple website.