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25 September 2015

New listings have been decreasing by a quarter year-on-year

Recent research carried out by Move with Us, home to the largest network of quality assured independent estate agents, has identified the number of new properties for sale has decreased. 60% of estate agents around the UK have seen a reduction in new property numbers. On average they have seen them dip by a quarter in an annual comparison. Agents in the North West have even seen a drop of 75%.

 

Regional breakdown

Region

% decrease

East Anglia

45%

East Midlands

10%

Greater London

25%

North East

5%

North West

10%

South East

20%

South West

10%

Wales

0% (no change)

West Midlands

20%

Yorkshire and Humber

10%

 

 

Stats from home.co.uk also show that in an annual comparison the number of new properties for sale has dropped by 10% in Britain. Dropping most in the typically stronger markets of London (18%), East Anglia (15%) and the South West (16%). In a seven year comparison, the number of new properties for sale in the whole of Britain have dropped by an astounding 59%. From a regional point of view the dip was greatest in Greater London (71%). This was followed by East Anglia at (69%) and the South East at (66%).

Simon King, Managing Director of the Move with Us Partner Network commented:“It’s likely the number of new properties coming to market will remain static for the foreseeable future. Although this puts sellers in an advantageous position, it increases competition amongst buyers.”

 

“There are certain things house hunters can do to be seen a reliable, motivated buyer and help the process run smoothly. These include getting financially qualified before viewing, ensuring you’re legally prepared early on and setting a budget at the start. Your local Move with Us accredited estate agent will be able to help you understand what you can afford in your chosen area. The perfect home rarely exists so it is important to prioritise your ‘must haves’ and their ‘maybes’. Ultimately, having a set plan with clear criteria and being a savvy buyer can save you time and money in the long run.”

 

Move with Us’ top tips for getting ahead in the house hunt:

  • Get financially qualified before viewing properties to buy

 

Getting financially qualified demonstrates to sellers what the buyer is allowed to borrow from the bank. It will also show whether the buyer is reliable which may make the seller keener to go with their offer.

  • Ensure getting legally prepared early in the process

 

Research shows that being legally prepared can speed up a home move by up to 11 days* as conveyancers can issue the Contract Pack within 48 hours of an offer being accepted.

 

  • Set a budget at the start

Buying a house is one of the biggest transactions that will ever be made. Therefore, it is important that buyers work out what they can and can’t afford to spend on mortgage repayments and also understand the costs involved in moving.

  • Find out how much it will cost

When buying a property, there are other costs involved than just the mortgage. These payments are all made during the purchase stage and are only paid once. These payments include, the deposit, the transfer of money fee, Stamp Duty and the Land Registry fee.  

*Figures are based on an analysis of just over 1,000 completed conveyancing files by Move with Us from 1 January – 23 September 2013.