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Political uncertainty leaves housing market in limbo

NAEA Propertymark has just issued its October Housing Report, which found that the number of properties available to sell per member branch fell in October, from 40 in September to 39, the lowest amount seen since June this year. Year-on-year, the supply of housing is down, falling from 40 in October 2018.

The number of house hunters registered per estate agent branch decreased by 12% in October, from 387 to 341. However, year-on-year housing demand is up, rising from 294 house hunters per branch in October 2018.

The number of sales made to FTBs decreased in October, to 27% from 30% in September. Year-on-year, this is an increase of four percentage points from October 2018 when it stood at 23%.

Mark Hayward, chief executive at NAEA Propertymark commented:“Brexit is undoubtedly causing uncertainty in the housing market, which in turn affects sentiment and decision-making. On top of both a Brexit deadline and a looming general election, we’re also entering a quieter period seasonally. Once the General Election has passed, and there’s clarity on how and when we’ll be leaving the EU, we hope there will be a degree of certainty, which may trigger a flurry of activity in the New Year.”

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