The average price of a property arriving on the market has dropped by 0.2 per cent this month, according to market data from Rightmove. This small dip comes at a time that normally sees the first signs of an Autumn recovery and is the first price fall recorded in September since 2010.
The reports show there is a clear North/South divide. London properties are coming to the market at an average 2.1 per cent cheaper than a year ago; the South East region is down 1.1 per cent. All other regions have new seller asking prices up compared to a year ago, with the North West being the most buoyant, up 3.5 per cent.
Rightmove says that while the underlying housing market fundamentals remain sound, uncertainty is causing some buyers and sellers to hesitate “and this heightens as we get closer to a Brexit deadline.” Miles Shipside, Rightmove director and housing market analyst, said: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.”
The number of sales agreed is down (5.5 per cent year-on-year) in all regions nationally, indicating that this is widespread hesitation rather than being restricted to some geographic areas.
The sales drop is a marked contrast and large turnaround to the 6.1 per cent increase in sales agreed reported by Rightmove a month ago, with year-to-date figures showing that average sales agreed are down 3.4 per cent on this time last year.