" If the government were to provide clarity on Brexit, this would act as an ignition to unlocking the market’s huge potential. "
The number of landlords registering to buy has fallen by 36% on the year across the UK, and by 47% in London, according to the latest figures from Haart.
The number of tenants entering the market across England and Wales fell by 15.6% on a monthly basis but remain 22% higher than in November 2017.
The average rent is down 0.9% and by 3.6% on the year to sit at an average of £1,315 across England and Wales.
Demand in London has risen by 7.6% on the month and by 41.4% on the year. London rents are up 1.2% on the month and by 6.9% on the year, with the average now sitting at £1,937.
The number of buy-to-let sales rose by 1.2% on the year across England and Wales and has fallen by 35% in London.
Average buy-to-let sale prices are down 8.3% across England and Wales on the year, and 28.1% London.
Overall, house prices increased by 1.4% across England and Wales in November.
Paul Smith, CEO of Haart, commented: “It’s very promising to see house prices climb up on the month amidst choppy political and economic waters. November and December are typically quieter months for the property market, but I expect we will see a surge in activity across the country once the Christmas lull is over.
“We see website traffic spark back to strong levels between Christmas and New Year. The property hunting bug then spreads across the nation with sustained activity throughout January, as potential buyers start to look for a new home.”
“The monthly drop in the numbers registering to buy in London, which coincides with a huge increase in the number registering to rent, is indicative of buyers waiting for the political in-fighting to blow over. However, if the government were to provide clarity on Brexit, this would act as an ignition to unlocking the market’s huge potential. Throughout 2018, the market has enjoyed a number of underlying strengths. With demand for property remaining significantly higher than supply, and a range of low fixed mortgages readily available, coupled with the fact that employment figures are at their highest in decades, there is plenty of reasons to be confident about the UK’s housing market going into 2019.”