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Christmas slowdown ‘more severe’ as politicians squabble over Brexit

NAEA unequivocally blames political uncertainty for continued and accelerating housing market weakness.

Nigel Lewis

The number of house hunters registered per branch in the UK has dipped by 4% in a single month to 282, the lowest recorded figure since November 2012 says the National Association of Estate Agents (NAEA).

This is a dramatic reduction in the number of home buyers compared to 2015 when branches recorded 400 each on average, a third higher.

The NAEA has blamed the unusual dip in the number of home buyers squarely on the economic uncertainty being created by the ongoing Brexit fiasco.

mark hayward naea“We usually see a seasonal slow-down, but it’s unlikely that the time of year is the sole cause of today’s market condition,” says NAEA Chief Executive Mark Hayward (left).

Other indicators within the property market are showing signs of stress. The NAEA figures reveal that the supply of housing fell by 13% during November for the second consecutive month.

The number of homes for sale in each branch now stands at 35, down from 40 in October. And the number of sales agreed per branch also fell for the second month in a row, from nine to eight properties.

Prime London

Separate figures for London from investment firm LCP/Aca also just out reveal similar challenges for London’s prime market, where just 133 properties were sold over the past three months. And in Greater

London the number of newbuild homes has dropped by nearly a fifth over the past year, while sales of all properties are down by 4% and prices are growing at their slowest rate since the financial crash.

Read more Brexit stories.

December 18, 2018

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