Autumn House Price Bump Fails To Materialise

The property website Rightmove has claimed that the usual Autumnal price bounce has failed to materialise. With the firm suggesting that thousands of potential sellers are holding off putting their properties up for sale until Brexit has been resolved. By contrast this could be good news for buyers.

 

In October the average price for homes for sale rose by just 0.6pc whilst over the last 10 years, prices have risen by 1.6pc on average between September and October.

 

Taking a year on year perspective asking prices are lower by 0.2pc across the UK. The falls were larger in Greater London and the East of England, at 1.1pc and 0.7pc respectively.

 

Rightmove suggested that the "imminence of the Brexit deadline" was causing sellers to hold off especially those, "sellers who are motivated by maximising their money seem to be holding back".

 

Both Rightmove and a survey carried out by the Royal Institution of Chartered Surveyors found total listings for estate agents were nearing record lows.

 

This may mean fewer purchases in the coming months with the suggestion being that there is a lesser stock of properties available.

 

In contrast Miles Shipside, Rightmoves Director and housing market analyst, said, "buyers remain undeterred by ongoing uncertainty". And it could be argued that whilst house prices have only marginally increased that now is the time to buy before prices begin rising at a faster pace.

 

 

PM Law 

Sheffield Solicitors