The latest monthly house price index from Rightmove has confirmed the harm Brexit is doing to house prices, transactions and instructions.
The portal says the heightened economic uncertainty created by Brexit has banished the traditional Autumn bounce and that house prices have fallen this month, the first time this has occurred since 2010.
Rightmove’s figures also show the number of sales agreed is down by 5.5% year-on-year and that the number of homes coming onto the market has dropped by 7.8%. It also says all regions of the UK have seen decreases.
New instructions have reduced the most dramatically in London, where they have decreased by 20% as ‘some owners await a Brexit outcome and market recovery’.
Brexit is also stalling house prices rises, which are increasing by just 0.2% year-in-year on average after falling by 0.2% during September.
Jaws of uncertainty
“Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves,” says Rightmove director Miles Shipside (left).
“However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.
“The autumn bounce normally kicks off at the same time as kids go back to school, but this year it’s a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year.”