Housing supply falls in October

The supply of available properties fell slightly to 39 in in October, the lowest amount since June, the NAEA Propertymark’s October Housing Report has found.

They fell slightly from 40 in September.

Mark Hayward, chief executive, 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 house hunters registered per estate agent branch decreased by 12% in October, from 387 to 341.

However housing demand is up year-on-year, rising from 294 house hunters per branch in October 2018.

The number of sales made to first-time buyers decreased in October, to 27% from 30% in September.