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House market slows as home buyers hit lowest level since 2012 – NAEA

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  • 27/11/2018
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House market slows as home buyers hit lowest level since 2012 – NAEA
The number of house hunters registered per estate agent branch reached the lowest level in October since 2012, data showed.

 

The number of house hunters fell by 13% on average last month, from 338 in September to 294, according to the latest report released by NAEA Propertymark.

And the number of sales agreed per branch fell in October, from nine on average in September, to eight per branch.

The report showed that the supply of housing available also decreased by 13% in October, falling from 46 in September, to 40 per branch on average.

This is the same level reported in August, when the heatwave triggered a market lull.

Sales to first-time buyers increased slightly from 22% in September to 23% last month.

Mark Hayward, chief executive at NAEA Propertymark (pictured), said that last month’s findings prove that uncertainty surrounding Brexit is having an impact on the sector.

He added: “It is possible that many buyers and sellers are putting their plans on hold while they wait for clarity on what the UK’s future relationship with the EU will mean for them and the property market.

“We’re also entering a quieter period seasonally, where we typically see the market slow down as people put their moving plans on hold until the New Year.

“With fewer prospective buyers interacting with the market, it’s important those currently trying to sell their home ensure it is priced competitively and is presented in the best possible way.”

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