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Brexit uncertainty leads to house prices falling in September for the first time since 2010

In its monthly market snapshot, released on Monday, Rightmove say that for the first time since 2010, house prices have fallen in September – a time of the year when an increase in market activity is usually recorded.

Due to the increasing uncertainty surrounding Brexit, and the potential of the UK leaving the EU without a deal, Rightmove say properties coming to the market this month have seen an average drop in price of 0.2%.

Though this may not seem like a significant drop to some, September is a period where estate agents usually see a surge in buyer and seller enquiries, due to the end of the school holidays and families returning from trips abroad.

Interestingly, the Rightmove report showed a clear divide between properties coming on to the market for sale when comparing data from the North and South of the country.

Properties in London are now listing for sale on average 2.1% cheaper than a year ago, whilst properties in the South East region are listing on average 1.1% cheaper.

However, all other regions have recorded increases in new seller asking prices when compared to a year ago – the North West has seen the highest increase at 3.5%.

Rightmove director and housing market analyst, Miles Shipside says: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.”

The number of sales being agreed nationally is down 5.5% when compared to last year and this is evident in all regions across the country – indicating many people are dubious as to what Brexit holds for the property market.

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Categories:buyer, buying, first time buyer, guide, news, selling, vendor

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