Propertymark – Housing market slows in October
NAEA Propertymark’s latest housing report shows that both the demand and supply of housing fell from September to October.
Specifically, the average number of people looking for a new home registered per estate agent branch dropped13 per cent, from 338 to 294, which is the lowest number recorded in October since 2012’s total of 265.
In terms of supply, 40 registered per branch on average in October compared with 46 in September represents another 13 per cent drop.
The first-time buyer segment of the market houses slightly more positive news: sales to FTBs have continued their climb from the three-year low seen in August at 20 per cent, reaching 23 per cent of all sales agreed in October. However, the average number of sales agreed in each branch fell from nine to eight.
The report adds that, in October, 85 per cent of properties sold for less than the original asking price, while 3 per cent sold for more.
NAEA Propertymark chief executive Mark Hayward says: “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.”
Source: Mortgage Strategy