Autumn property bounce loses its spring
The traditional autumn bounce in the property market has lost its spring with sellers deciding to wait out the Brexit uncertainty.
Rightmove’s monthly house price index revealed that asking prices for October only rose by 0.6 percent.
That’s the smallest rise since 2008 when the financial crisis had started and the credit crunch took its toll on those looking to borrow to buy a home.
Good news for serious sellers
But there is good news for those sellers determined to push ahead and try to sell their property.
According to Rightmove, the lack of supply in the market means there are more buyers chasing fewer properties, and those looking to buy are serious about securing a deal.
Better chance of selling
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.
“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.
Fall in average asking price
According to Rightmove, the average asking price for a property is now £306,712, down 0.2 percent on the same month a year ago.
However, there are 13.5 percent fewer properties on the market this month compared to October 2018, while agreed sales have also fallen by 0.5 percent.
