Supply nosedives in November
The total number of new property listings in November stood at 65,000, 20,000 less than in October.
Supply sank the lowest in Bath, where new property listings fell by 42.6% in November from October to just 135 new homes.
London supply fell by more than a fifth (21%), with not a single London borough seeing a rise in property listings in November.
Alex Gosling, chief executive of HouseSimple.com, said: “Everyone knows by now that we have a property supply issue in this country, but these latest figures reveal just how severe that problem is as we head into the New Year.
“Historically, as we get closer to Christmas, the property market does start to slow down, so a fall in property supply levels is not unexpected. However, the drop off is too dramatic to be simply attributed to seasonality factors alone.
“The government has implemented several schemes to help people get onto the property market, the latest of which being the Help to Buy ISA. However, they aren’t addressing the supply shortage, and if there are no homes to buy, these schemes are just window dressing.
“It is vital the housing market starts the New Year with vigour, because there are some potentially stormy seas ahead with the new buy to let stamp duty hikes looming large on the horizon.”