Uncertainty continues to drain life from housing market

The latest data and research from NAEA Propertymark has revealed that demand from prospective buyers and supply of available properties both fell by 13% in October with the number of sales agreed per branch also seeing a decline.

Related topics:  Property
Warren Lewis
27th November 2018
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According to the report which covers market activity during October, the number of house hunters registered per estate agent branch decreased by 13 per cent on average - falling from 338 in September, to 294 in October. This is the lowest number of buyers recorded for the month of October since 2012, when 265 were registered.

Supply of properties

The supply of housing available also decreased by 13 per cent in October; falling from 46 in September, to 40 per branch on average. This is the same level reported in August, when the heatwave triggered a market lull.

Sales to FTBs and sales agreed

Since sales to FTBs hit a three-year low in August (20 per cent), the percentage of properties sold to the group has been on the rise – increasing from 22 per cent in September to 23 per cent last month

The number of sales agreed per branch fell in October, from nine on average in September, to eight per branch.

Mark Hayward, Chief Executive, NAEA Propertymark said: “Last month’s findings prove that uncertainty surrounding Brexit is having an impact on the sector. It’s possible that many buyers and sellers are putting their plans on hold while they wait for clarity on what the UK’s future relationship with the EU will mean for them and the property market. We’re also entering a quieter period seasonally, where we typically see the market slow down as people put their moving plans on hold until the New Year.

With fewer prospective buyers interacting with the market, it’s important those currently trying to sell their home ensure it is priced competitively and is presented in the best possible way.”

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