Every December there is a seasonal slowdown in properties being put up for sale in the UK. This occurs because people are focusing on Christmas and many of them decide to hold off on trying to sell until the New Year.
In 2016 the seasonal drop occurred but HouseSimple claims that it was much sharper than it typically is. Their data showed that the average number of new property listings across the UK as a whole was down by 46.9% in the period. This included big drops in a number of major cities and areas.
London saw a particularly large drop with new property listings falling by an average of 53.6%. Looking at the capital by Borough there were a number of areas which saw higher drops than figure. Bromley saw the highest fall, down 62.3%.
The slowdown could be caused by a number of things including owners anticipating a rise in inflation. This would make it more expensive for them to buy a new home and move from their existing one. On top of this demand for rental properties and prices are rising in a number of areas. This means people can enjoy great returns by holding on to homes rather than selling.
The latter could be the cause of such a big drop in Bromley. The area is very popular due to the fantastic value it offers as one of the most affordable Boroughs in London. House prices are continuing to rise so people are increasingly looking at longer term investments so they can benefit from capital gains.
At Finefair we work as letting agents in Bromley and are on hand to help any property owners looking to become landlords. We understand what is required of them and can offer assistance with protecting their interests. We can provide each of the services you expect from a letting agent and property manager, all delivered with a personal quality.
If you have any questions please don’t hesitate to get in touch with us. Providing information and advice is something we are very happy to do.