Friday 19 August 2016 10:23 am

Here's why now is not a great time to try and sell your home

If you're trying to sell your home, now is probably a bad time to do it – demand has dropped by a third over the past year.

In July, the number of house hunters registered fell to an average 298 per estate agent branch, a drop of 35 per cent year-on-year, according to the National Association of Estate Agents (NAEA).

And as buyers left the market, the number of homes for sale increased slightly, the NAEA said. The proportion of homes sold under the asking price was 80 per cent, an increase of eight per cent since June.

Estate agents are hoping the market cooling is not a Brexit-related phenomenon and that things will pick up again in September.

Read more: Everything you need to know about the housing market after the Brexit vote

Mark Hayward, NAEA's managing director, said: "We expected to see uncertainty in the immediate period following Brexit, and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back in the coming months."

The news follows Zoopla data showing vendors are cutting house prices by 10 per cent in some parts of London to entice buyers with post-Brexit deals.

If you're trying to sell your property – or looking to buy – here's everything you need to know about house prices since the Brexit vote.