The new listing count has collapsed recently as shown in the chart below, which features the first 21 days of each October since 2005:

Everyone is focused on how weak demand has become thanks to rising interest rates. However the same phenomenon is affecting new supply too. Existing home owner occupiers are very reluctant to lose the mortgages they already have and so motivation to list and sell homes is very low. Total supply is still rising slowly because although new listings are scarce, new contract signings are even scarcer.

Both supply and demand are in the doldrums and the downward trend is continuing.

Market insights provided by the Cromford Report.