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New property listings on the market fall sharply

The number of New UK property listings plunged by 46.9% in December from the previous month, according to HouseSimple.com.

While a fall in property supply is not uncommon in December, the slowdown last month was sharper than usual, which could be a sign of things to come in the months ahead, according to the chief executive of the online estate agents, Alex Gosling.

He said: “The run-up to Christmas is chaotic, so most people wait until January to put their house on the market - as a result, a slowdown in new listings is pretty typical.

“But the December just gone was particularly slow and the fear is that this steep drop-off could hail the start of a more tentative market as inflation starts to rise and people feel less confident financially.

“How the job market and economy perform will be critical for the property market in the months ahead.”

Property listings dropped in 98% of towns and cities across the UK, with the sharpest decline recorded in Southport where new property listings fell by just over 71%, while supply dropped by 70.1% in Rugby.

Only Salford and Telford saw property listings increase last month - up 8.5% and 4.1% respectively.

The supply of new homes in London fell by 53.6% in December. 

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