New instructions are down 16% across the UK compared with a year ago, the website Home has said.
It reports that pre-election, London has been the worst hit, with new instructions down 26%, and stock on the market down 25% year on year.
Across England and Wales, total sales stock is down 13% this month compared with December last year.
Typical time on the market is 11 days longer than in December last year.
Home says that shortage of stock has generally held up prices, but that in the east of England, there is an ‘extended correction’ with the average asking price dropping by 2.8% over the last year.
Home puts annual house price inflation almost static at minus 0.3%, with the average asking price now at £306,076.
Home also reports that the London lettings market has been worst hit by lack of rental supply, down 22% year on year, with rents rocketing.
It says that in one borough, Wandsworth, new rental asking prices are nearly 20% up on a year ago.
Now people can get on with their lives. Will be interesting to see what they say next year.
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Out of interest, does anyone know the average number of instructions per office per month?
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