"On top of both a Brexit deadline and a looming general election, we’re also entering a quieter period seasonally"
Supply and demand both fell in October as political and economic uncertainty continues, according to the latest research from NAEA Propertymark.
The number of sales made to first-time buyers decreased to 27% from 30% in September. However this is an increase of four percentage points from October 2018 when it stood at 23%.
The number of properties available per member branch fell in October, from 40 in September to 39, the lowest amount seen since June. Year-on-year, the supply of housing is down, falling from 40 in October 2018.
The number of house hunters registered per estate agent branch also decreased by 12% in October.
Mark Hayward, chief executive of NAEA Propertymark, commented: “Brexit is undoubtedly causing uncertainty in the housing market, which in turn affects sentiment and decision-making.
"On top of both a Brexit deadline and a looming general election, 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.
"Once the General Election has passed, and there’s clarity on how and when we’ll be leaving the EU, we hope there will be a degree of certainty which may trigger a flurry of activity in the New Year.”