Housing market slows due to uncertainty

Ryan Bembridge

November 27, 2018

Housing demand and supply both fell by 13% in October as the Brexit uncertainty continues to cool the market, the NAEA Propertymark housing report has found.

There were just 294 house hunters and supply fell to 40 per branch on average.

Mark Hayward, chief executive of 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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