Recent figures show that new supply of property dropped by 25.4% across the United Kingdom as a whole and an incredible 33.8% across London in November 2018. This is compared to the month of October, which saw more robust listings. It appears that the uncertainty of Brexit is having an impact on the property market.
Rises in the North West
Although the new supply across the UK as a whole was down on the previous month, some areas have seen an increase. One area of particular increase was the North West, where stock levels rose by over a third in places such as Bootle, St Helens and Carlisle.
In the study, 100 towns and cities were analysed, and 90% of them saw a decrease in listings. Although the level dropped from October, it is higher than the figures from the same period last year.
London Prices Falling
In London in particular, there has been a definite cooling off in the property market. People keen to sell property have had to become more flexible in their asking price. There are still lots of potential buyers interested in property, but competition means prices might be driven down further in the Capital.
Even though sellers are sometimes having to lower their prices, this current market means the property they are going to buy will likely also be priced slightly lower than expected. This means buyers can recoup losses from their own sale at a later date.
When looking to sell a property, it is vital to employ respected conveyancing solicitors to handle the transaction. When searching for reputable conveyancing solicitors Birmingham has many options to choose from, such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/Conveyancing-Solicitors-Birmingham. All other cities in the UK also have professional conveyancing firms that can handle property sales.
Whether you are buying or selling a property, there are many things to consider. A professional company can help you navigate the minefield of legal issues. The whole process should take about two to three months and it is also a good idea to read through the government’s advice on buying and selling property.
With the property supply dwindling in many UK areas, the choice for buyers could be more limited. It is always best to keep one eye on the market to determine the best time to buy or sell your home.