Political uncertainty leaves housing market in limbo

Michael Lloyd

November 26, 2019

Political uncertainty has left the housing market in limbo with a drop in the number of house hunters and properties available, NAEA Proeprtymark has found.

The number of properties available per member branch fell from 40 in September to 39 in October, the lowest amount seen since June.

In addition, the number of house hunters registered per estate agent branch dropped by 12% in October.

Mark Hayward, chief executive of NAEA Propertymark, said: “Brexit is undoubtedly causing uncertainty in the housing market, which in turn affects sentiment and decision making.

“On top of both a Brexit deadline and a looming General Election, 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.

“Once the General Election has passed, and there’s clarity on how and when we’ll be leaving the EU, we hope there will be a degree of certainty which may trigger a flurry of activity in the New Year.”

The number of sales made to first-time buyers fell from 30% in September to 27% last month.

However, this is still up 4% from October 2018.

Meanwhile, the number of sales agreed per member branch remained at eight in October.

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