National demand for housing in July fell to its lowest level since November 2013, according to a study published today by the National Association of Estate Agents.
The average number of house hunters registered per NAEA member branch dropped to 298 in July down from 462 in the same month last year, the survey shows.
Mark Hayward, NAEA managing director, said: “We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months.”
Despite a dip in demand, supply in houses available for buyers to purchase saw a marginal increase to 38 properties per branch in July, up from 37 in June.
The poll, conducted using data from 697 estate agents around the country, suggests eight out of ten properties sold at member branches last month closed for less than the original market price.
Responding to poll questions about Brexit, a third of estate agents surveyed said there have been no changes in the housing market since Brexit, and a further third stated interest from foreign investors has remained the same.