Double-digit drop in sellers putting homes on market
The number of sellers coming to the market is down by 13.5% compared to last October, as sluggish prices and political chaos deter speculative sellers, said Rightmove.
It could mean the number of sales falls further in the coming months as buyers have fewer homes to choose from.
According to the property portal, October usually sees a healthy rise in house prices but this year they only just edged up by 0.6%, the lowest rise in 11 years.
Plus new seller asking prices are actually lower than this time a year ago, down by a marginal 0.2%.
The number of sales achieved was also slightly down by 0.5% compared to a year ago.
Miles Shipside, Rightmove director, said: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.
“Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell. Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives.”
Marc von Grundherr, director of lettings and estate agent, Benham and Reeves, added: “While the market is more subdued than usual, this is of course going to be the case ahead of our supposed EU exit at the end of the month. This uncertainty has evidently caused many sellers to hesitate and sit tight however, a healthy level of sales are still transacting, and this is proof that the UK property market is yet to disappear down the Brexit abyss.”