New data revealed on Monday showed that property prices coming to market this month fell by 1.3%.
Meanwhile, new sellers fell 14.9% compared to the same period a year ago, the biggest year-on-year decline since August 2009, according to Rightmove’s home price index.
The report said lackluster price growth and an uncertain political situation are deterring sellers.
Indeed, the country has been granted a further extension to its exit deadline from the European Union, which will only prolong the period of political uncertainty.
Political parties are currently preparing for the general election to be held on December 12th later this year.
“While a seasonal downturn in asking prices is always expected at this time of year, the significant drop in the number of homes on the market indicates that many sellers are already in home sales hibernation.” said Mark, a director at Benham & Reeves. Mr von Grundherr commented on this figure.
The Benham & Reeves director said: “Despite the election next month and continued tough stance on the buyer side, many sellers will no doubt wait until the dust of political uncertainty settles in the new year.” He will choose to remain in the country.”
“As always, regional differences are clear, with only the East Midlands seeing a trend towards monthly declines in asking prices, while at an annual level we continue to see significant fluctuations in growth nationally.”
“This is primarily due to affordability in difficult market conditions, with sellers agreeing to accept prices as less affordable areas are expected to see the biggest corrections in order to secure buyers.” I am.”
Mark von Glander said: “London is experiencing one of the biggest price drops of the year, but the granularity of the capital’s property market means not everyone is feeling the chill.” While markets have stagnated in some boroughs, others have fared well, with the diversity of London’s landscapes reflected in the 7% monthly fluctuation between Tower Hamlets and Haringey. It’s obvious. The difference between the two is 1% per mile. ”
As the country braces itself for the upcoming general election, uncertainty reigns over the UK property market.
