Drop in property listings
Knight Frank has released data which seems to suggest a sharp drop in property listings. Does this suggest a shortage of supply in the UK property market?
Figures show that a quarter fewer homes were listed for sale this year when compared with a year ago. 33% less houses were posted for sale this year compared to the figures 12 months ago.
On the other hand there were 7% more flats listed for sale.
Among the figures we can see that 3% less houses were advertised for sale in London compared to a huge drop of 42% in the South-West of England.
The agency attributes January and Februarys drops to the uncertainty over new Covid-19 variants and what that might bring. The vaccine programme was also in its early stages during these months. Many parents were also home schooling during this time so were reluctant to list their properties on the market.
March saw the extension of the stamp duty holiday. This meant that those properties which were being listed were being purchased very quickly.
Knight Frank however has reason to believe that this imbalance will subside. This is due to the number of market appraisals which are taking place.