The online estate agents House Simple has reported that there was a 11.9% drop in November of houses for sale, says a December 2016 PropertyWire.com article. The situation was most notable in London, where new property listings fell by 18.3%.
House Simple found that the number of houses for sale dropped in 67.4% of all areas in Britain. The town with the lowest number of properties for sale is Hereford, which decreased by 42.1%. A major exception to the fall in houses for sale was Swansea, which increased the number of houses by 89%.
November is usually a good month for the property market, but November 2016 was an exception. Alex Gosling of House Simple said:
“It will come as something of a surprise then to see supply levels fall again last month, and a near 12% fall will be a concern when supply levels are extremely low in many areas.”
Gosling speculates that Brexit and the Trump election could have slowed down the house market. Demand for houses remains high, and he predicts that January should see an upturn in the property market, which is traditionally resilient to political change.
Many property experts say that the lack of houses for sale has resulted in high house prices.
The lack of housing, especially affordable housing, means that there is a high demand for rented property. Though landlords have been hit by government changes that make buy to let investments less profitable, there are low interest rates available on Commercial Mortgages and rent levels are predicted to increase.