Rightmove has reported that the price of property coming to market has fallen by 0.2% (-£730) this month, the first fall at this time of year since 2010.
The number of sales agreed is down in all regions compared to a year ago, with the 5.5% drop a marked reversal from the +6.1% sales agreed flurry that Rightmove reported a month ago.
Meanwhile, the number of properties coming to market is down by 7.8% this month compared to the same period a year ago, again with all regions down on the prior year.
The annual rate of price increase has fallen to just 0.2%, buoyed by the north and dragged down by parts of the south.
Miles Shipside, Rightmove director and housing market analyst, said: “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 autumn bounce normally kicks off at the same time as kids go back to school, but this year it’s a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year.
“Those who are planning to buy or trade up and can keep their nerve whilst others hesitate may find that they are in a stronger negotiating position to get a favourable deal.”
Marc von Grundherr, director of lettings and estate agent, Benham and Reeves, added: “No fireworks and no explosions across the current property landscape, and while continued market uncertainty causes many sellers to hesitate and sit tight, a healthy number of sales are still transacting, and this is proof that the UK property market is yet to disappear down a Brexit black hole.
“It certainly looks as if we’ve seen the bottom of the London market and an uplift in the number of sales being agreed is a very positive sign. The capital has been hit hard but is yet to go down and as we enter into what could be the final round of Brexit negotiations, an uplift in positive market sentiment should see the London market regain its bricks and mortar strength and stamina.
“We’re also seeing fewer tyre kickers in the market across the board and as a result, a reduction in the number of sales falling through, which is another positive to take from the current climate.”
