Demand from prospective home buyers in the UK and the supply of available properties for sale both fell by 13% in October, the latest report from estate agents shows.
However, sales to first time buyers increased, according to the October housing report from the National Association of Estate Agents (NAEA), up from 22% in September to 23%. But the report points out that sales to first time buyers hit a three year low in August at 20%.
The number of house hunters registered per estate agent branch decreased by 13% on average from 338 in September, to 294 in October, the lowest number of buyers recorded for the month of October since 2012, when 265 were registered.
The supply of housing available also decreased by 13% in October, falling from 46 in September, to 40 per branch on average. This is the same level reported in August, when the heatwave triggered a market lull.
The number of sales agreed per branch fell in October, from nine on average in September, to eight per branch.
‘Uncertainty surrounding Brexit is having an impact. 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 European Union will mean for them and the property market,’ said Mark Hayward, NAEA chief executive.
‘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,’ he added.
