The property market slowed in May as fewer people moved home, according to Connells Survey & Valuation.

In its monthly survey the firm found that valuations from home sellers have dropped steadily from 45% of the market in May 2010, down to just 27% in May 2017 as homeowners lack the motivation to move.

The mortgage market is currently being supported by remortgaging, said Connells, which now represents 23% of all valuations – a two percentage point increase month-on-month and a record for May.

Why aren’t we moving?

A shortage of homes on the market, Stamp Duty impacting at higher levels and the extended economic uncertainty have discouraged homeowners from moving on, according to John Bagshaw, corporate services director of Connells Survey & Valuation.

He said: “The wind has been knocked out of the market’s sails. Fewer people are choosing to move home. The limited housing stock means that people already on the property ladder can’t see their next move in the market. After major votes and the economic turbulence of the past few years, many potential movers have adopted a near constant wait and see attitude. With a hung parliament heading into Brexit negotiations, the uncertainty in the market looks set to continue.

“The long-term increase in property values over the past seven years has reduced the financial incentive to move, with more homes slipping into the higher Stamp Duty bands. This means potential sellers could face a larger tax bill should they chose to move up the ladder when buying their next home.”