Orders of For Sale boards falling as new listings drop throughout UK

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.”

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4 Comments

  1. Outspoken

    This headline is not really accurate. It is a reduction in demand for, not in supply of, for  sale  boards. Why not just say orders for boards are down?

    Is this really news as we’d expect  some seasonal reduction in instructions at this time of year wouldn’t we?

    The great thing is that anyone listing their home for sale at this time of year is a very serious seller. So less vendors but they mean business.

     

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  2. PeeBee

    “The great thing is that anyone listing their home for sale at this time of year is a very serious seller.”

    I’d be interested in your reasoning for that sentence, if you wouldn’t mind.

    Thanks in advance.

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    1. mrharvey

      I don’t think it’s a controversial statement, PeeBee.

      The market is readying itself for hibernation and families are focused on Xmas, not property. If you list your property for sale today the chances are you probably have intentions of completing before lil ole baby Jesus comes a knocking!

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      1. PeeBee

        I didn’t say it was ‘controversial’, mrharvey – I simply wonder what differentiates a pre-Christmas listing from one at any other time of the year.

        I would, however, make the controversial suggestion that it is more a case of the seriousness of the buyer than the seller that becomes more telling in the run-up to the festive season – and that historically (and I’m seeing little or no change today) the majority of Agents don’t want new instructions when the clocks go back, and actively recommend sellers to wait until the New Year.

        Madness, if you ask me.

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