UK property market misses out on ‘Autumn bounce’
Property prices typically get a boost in October but this has been dampened by Brexit this year, according to Rightmove.
It found asking prices rose 0.6 per cent to £306,712 compared to the same time last year, the worst rise for this time of year since 2008.
Miles Shipside, Rightmove director and housing market analyst, comments: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.
Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell. 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.”
