Prospective home buyers have been undeterred by the approaching Brexit deadline, while sellers have been put off by ongoing uncertainty over UK house prices, according to Rightmove.
The price of property coming to market has seen its lowest monthly rise at this time of year since October 2008. Prices are up 0.6 per cent this month, according to the latest data from real estate platform Rightmove.
The average number of new listings each week this month was 24,539, the lowest number in October in a decade and down 13.5 per cent on last year, as potential sellers are discouraged by the approaching Brexit deadline and muted prices.
Read more: London house prices drop in August
However, properties are more likely to sell at the moment as buyer activity is remaining steady and the number of sales agreed in October is down just 0.5 per cent year on year.
The percentage of sales agreed that have fallen through so far this year is the lowest since 2015.
The “Brexit-induced paradox” means it is a good time to sell, Rightmove housing market analyst Miles Shipside said.
“Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives,” he said.
Meanwhile, Jeremy Leaf, north London estate agent and a former chairman of the Royal Institution of Chartered Surveyors (Rics), said buyers and sellers are happy to stay still for now.
“We’ve been in a price sensitive, needs-driven market for a while now where most people only move when they have to, and only if they can see real value. Many buyers and sellers are sitting on their hands,” he said.
“Dscretionary, speculative buyers have become an endangered species which helps to explain lack of the usual autumn ‘bounce’. Saturday’s vote may only reinforce the uncertainty unless the position is clarified quickly – but we’ve been there before.”
Marc von Grundherr, director of lettings and estate agent, Benham and Reeves, said: “No fireworks and no explosions across the current property landscape, and while the market is more subdued than usual, this is of course going to be the case ahead of our supposed EU exit at the end of the month.
This uncertainty has evidently caused many sellers to hesitate and sit tight however, a healthy level of sales are still transacting, and this is proof that the UK property market is yet to disappear down the Brexit abyss.”
Main image credit: Getty