Lowest number of new instructions for over ten years as ‘thousands’ of sellers postpone plans

The number of new sellers bringing their homes to the market is down 14.9% compared with this time a year, Rightmove reports this morning.

It is the biggest year-on-year slump in any month since August 2009 – when the last housing crash was under way.

The number of sales agreed is also down, by 2.9% on this time last year.

Asking prices for properties new to the market are down by an average of 1.3% compared with a month ago, but slightly up – by 0.6% – on a year ago.

The average new asking price on Rightmove is now £302,808.

Rightmove said that thousands of prospective sellers have postponed their marketing plans, deterred by lower asking prices, Brexit and the general election.

Rightmove director Miles Shipside said: “I’ve seen lots of unusual events affecting the property market in my 40-year career” but nothing like this.

He said it was also possible that some would-be sellers might be waiting to see if there are any reforms to Stamp Duty following the election.

Rightmove warned that if the 15% slump in new seller numbers continues into next spring, then there will be significant knock-on effects throughout 2020.

Rightmove also reported this morning that the average time for a property to go under offer is now 64 days and that the average branch has 52.8 properties on its books, including those under offer and sold subject to contract.

The period Rightmove is reporting on this morning is from October 13 to November 9. The general election was agreed on October 29.

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7 Comments

  1. GPL

     
    …..and did I read that correctly?
     
    Miles Shipside indicated that Rightmove would be reducing their Annual Subscriptions Charges to Estate Agents & Letting Agents by 15%?    
     
     

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    1. Property Pundit

      Ha! If only.

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  2. J1

    Rightmove has the pulse of its customers then.

    What a shame this Online Landlord of Agents digital shop windows is t listening.

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  3. DASH94

    I can’t make sense of the first line.

     

    If thousands of sellers aren’t listing – you’d think they’d adjust their prices to reflect the dip.

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    1. Property Pundit

      You’d think but it’s been clear for some years now, they really don’t care about their subscribers at all. 

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  4. GPL

     
    Hi Miles?
     
    Sorry to bother you again. I know you’re busy counting your shares.
     
    I was wondering whether Andrew? had been in touch yet? He might have to find new home pretty quickly if his Mum serves him notice.
     
    Anyway, I digress Miles…. I couldn’t help but notice how concerned you were about “Sellers”, reading your Press Release this morning.
     
    I just wondered …..sorry to bring this up again Old Boy ….Estate Agents? Letting Agents? …..the paying customers that you serve/charge each month.  
     
    Bearing in mind your obvious concern for Sellers ….. you must be equally concerned for your paying customers/subscribers? Miles….
     
    I (and thousands of others) wondered whether this Christmas you were going to cast your Scrooge like behaviour into “Christmas Past” and be kind & generous this Christmas? 15% reduction in monthly charges is what I hear you have planned.
     
    Could it be true Miles, has your bitter/cold heart finally found some warmth and you are going to spread the Christmas Cheer amongst your paying Subscribers?
     
    If you could spare a moment Miles and just look out that snowy window of your warm & cosy office ……you’ll see us all huddled down below just waiting for your Christmas Kindness?
     
    Miles? Miles?? Please don’t be a Christmas Humbug again?!
     
        “Oh Jingle Bells, Miles smells (lovely), Rudolph’s gone awaaaaay…..”    
     
     

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  5. HIT MAN

    I’m saving a fortune looks like I ditched Rightmove at the right time.. RMEXIT if you have the guts..

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