Fewer home sellers in November as general election ramps up uncertainty
The number of new sellers advertising their properties for sale slumped by the largest amount in a decade this month, as a Brexit deadline and a looming general election spooked prospective sellers.
According to the latest research, the number of new sellers dropped 14.9 per cent – the largest year-on-year fall since August 2009 – while the price of property coming to market slumped 1.3 per cent.
Read more: Prospective buyers eye up London housing market
The upcoming election on 12 December is likely causing potential sellers to press pause on their plans, as they wait for a resolution on Brexit and to see whether the new government will make changes to housing related policies such as stamp duty.
Rightmove director and housing market analyst Miles Shipside said: “I’ve seen lots of unusual events affecting the property market in my 40-year career, but a Brexit deadline followed by a snap general election six weeks later is obviously a new combination for me and for many thousands of buyers and sellers.
“Elections normally dampen activity as uncertainty causes a degree of hesitation but this one is being called to try to break the deadlock after three years of uncertainty.
“A more certain outlook, whatever it may be, would be a welcome change for those who are contemplating moving.”
Hunters chief executive Glynis Frew added: “The reality is that the market will continue to experience the Brexit jitters until the impasse in Westminster comes to an end.”
Read more: London housing market rebounds slightly after Brexit delay
The number of sales agreed was 2.9 per cent lower than last year, suggesting there are still buyers in the market seeking to take advantage of lower prices, according to the latest research by Rightmove.
Larger properties – detached houses with four bedrooms or any house with five or more bedrooms – were the most active sales sector, with the number of sales agreed down 1.4 per cent compared to last year.
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