The property market slowed in October, amid wider uncertainty across the economic and political landscapes.
NAEA Propertymark (the National Association of Estate Agents) has issued its latest Housing Report, covering the month of October.
Demand for housing
During October, the number of home hunters registered per NAEA Propertymark member estate agent branch dropped by 13% on average, from 338 in September to just 294.
This is the lowest number of buyers recorded for the month of October since 2012, when 265 were registered per branch.
Supply of properties
The supply of available properties to buy also fell by 13% in October, from an average of 46 per branch in September, to just 40. This is the same level recorded as in August, when the heatwave triggered a lull in the property market.
Property sales
The number of property sales agreed per NAEA Propertymark member branch decreased in October, from an average of nine in the previous month, to eight.
Since sales to first time buyers hit a three-year low in August (at 20%), the percentage of properties sold to this group has been on the rise, up from 22% in September to 23% in October.
Recent Stamp Duty figures from HM Revenue & Customs show that the Government’s tax relief for first time buyers continues to help them onto the property ladder.
Mark Hayward, the Chief Executive of NAEA Propertymark, comments on the report: “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.”
If you’re looking to sell your property in the near future, NAEA Propertymark has compiled its list of the most common mistakes that sellers can make, which may prevent a successful sale. Here’s how to avoid them: https://www.landlordnews.co.uk/common-mistakes-property-sellers/