Boards firm Agency Express has reported that after a short burst of activity in the UK property market during September, October was much more subdued.
Nationally, the number of For Sale boards converting to ‘Sold’ rose 0.3% on the previous month, while the number of new For Sale boards the firm supplied went down 11.2%.
While a seasonal adjustment during October is no surprise, the firm said the decline was greater than those recorded 12 months previously, where new listings went down 4.3% and properties converting to ‘Sold’ went up 2.7%
Only four out of 12 regions had increases in properties ‘Sold’ and none recorded increases in new listings ‘For Sale’.
The month’s top-performing region was the west midlands where properties ‘Sold’ increased for the second consecutive month (by 13%) and new listings declined by 4.9%.
Over a three-month rolling period, new listings were down by 3.9% overall.
The steepest monthly declines were in the north-east.
New listings ‘For Sale’ fell 31.2%, while properties ‘Sold’ fell 18.1%.
Stephen Watson, managing director of Agency Express, said: “During October we traditionally observe a seasonal slowdown.
“However, our Property Activity Index for October has shown one consistent trend across the UK and that is a slowdown in supply.
“As we head in to the last months of the year it is unlikely that we will see any major increases.
“It will be interesting to see how the market picks up in the New Year where a spike in supply is expected.”