Latest Rightmove Index shows property market is yet to disappear down a Brexit black hole
The latest index shows that: –
- Increases in asking price remain subdued on a national scale and below the traditional levels usually seen at this time of year with little sign of an Autumn bounce.
- Stock levels also remain lower than usual as sellers continue to hold tight amidst continued market uncertainty.
- This lack of stock is particularly prevalent in the London market.
- However, the number of sales being agreed is only down 0.5% and the capital has actually seen an increase.
- The number of sales falling through is also lower than usual.
Marc von Grundherr, director of lettings and estate agent, Benham and Reeves, commented:
“No fireworks and no explosions across the current property landscape, and while continued market uncertainty causes many sellers to hesitate and sit tight, a healthy number of sales are still transacting, and this is proof that the UK property market is yet to disappear down a Brexit black hole.
It certainly looks as if we’ve seen the bottom of the London market and an uplift in the number of sales being agreed is a very positive sign. The capital has been hit hard but is yet to go down and as we enter into what could be the final round of Brexit negotiations, an uplift in positive market sentiment should see the London market regain its bricks and mortar strength and stamina.
We’re also seeing fewer tyre kickers in the market across the board and as a result, a reduction in the number of sales falling through, which is another positive to take from the current climate.”
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“No Autumn bounce as of yet, but given the current landscape, this will come as no surprise. That said, we could well see a late rally by UK home buyers now there seems to be light at the end of the tunnel where Brexit is concerned.
Market conditions remain fragile but what we are seeing at present is very much a case of quality over quantity.
While both stock levels and buyer demand remain low, those entering the fray are serious about it and so the transactions that are taking place are doing so with less chance of collapsing.
This has no doubt been driven in part by an urgency to transact before we enter the unknown abyss of life outside of the EU. However, it also demonstrates that for many, homeownership continues to be a life aspiration and not an investment venture and so regardless of wider influences, we continue to buy and sell homes.”