Rightmove has revealed a 15% year-on-year slump in the number of vendors which it has blamed on lacklustre price growth, Brexit and the looming General Election.
This is the largest drop of vendor confidence seen since the worst months of the financial crisis in 2009, the portal claims.
Rightmove says the asking prices of newly-listed properties has dropped by 1.3% during November month on month and this, coupled with political uncertainty, has persuaded ‘thousands’ of vendors to postpone their moving plans.
The number of agreed sales has also reduced, down by 2.9% although two markets – the NE and Scotland – have seen increases. Also, activity remains strong in the large detached five or more bedroom house market.
Rightmove’s spokesperson Miles Shipside highlights just how extraordinary the business environment is at the moment.
“I’ve seen lots of unusual events affecting the property market in my 40-year career, but a Brexit deadline followed by a snap general election six weeks later is obviously a new combination for me and for many thousands of buyers and sellers.
“With next month’s election, many sellers will no doubt choose to remain there until the dust of political uncertainty has settled in the New Year, despite buyers continuing to tough it out.”
Our comments..."We have encountered the same type of slow-down through 2019 but with no lack of viewings. We continue to see lots of applicants for properties within our catchment area which is typically larger than high street agents.
Although it's difficult to tell what the outcome will be, there has been more positivity recently, our feeling is that buyers in general are less worried about uncertainty - it seems that buyers will soon have lost patience in the whole process regarding Brexit and will want to move anyway!"