Demand for homes falls to lowest level for the month of November for six years
Demand from prospective home buyers in the UK hit the lowest number for the month of November since 2012, according to estate agents.
The supply of available properties and number of sales agreed per branch also fell, the latest monthly report from the National Association of Estate Agents (NAEA) shows.
Overall, the number of house hunters registered per estate agent branch fell last month, from 294 in October, to 282 in November, the lowest number of buyers recorded for the month for six years.
In November, the supply of available housing fell by 13% for the second consecutive month, dropping from an average of 40 in October, to 35 per branch, the lowest recorded since earlier this year, when 33 properties were available to buy per branch in April.
The number of properties sold to first time buyers remained at 23% in November for the second month running, increasing from 20% in August and 22% in September.
The report also show that year on year, the number of sales made to the group are down from 27%.
The number of sales agreed per branch fell for the second month running from nine in September, to eight in October and to seven last month.
‘Last month it was clear that uncertainty surrounding Brexit was having an impact on the sector, and this month is no different. We usually see a seasonal slowdown, but it’s unlikely that the time of year is the sole cause of today’s market conditions,’ said Mark Hayward, NAEA chief executive.
‘As we near the end of the year, we’d usually expect potential buyers and sellers to put their plans on hold until early next year, but it’s likely that this year we’ll just see people holding off until there’s some clarity around what the Brexit deal might look like and what it will mean for the economy,’ he added.