Fewer House Buyers Blanket UK Housing Market
Estate agents recently released data concerning the reaction of the UK housing market following the referendum in the last week of June. Since November 2013, there have never been fewer people in search of a new house to buy, according to agents. Many experts agree the market is in a slowdown period.
During the month of June, more than 320 house hunters were registered per branch, according to data furnished by the National Association of Estate Agents. This figure dropped to slightly less than 300 in July.
This is discouraging due to the figure being much larger at more than 460 during the month of July of 2015. Properties for sale are also selling for less than the original price at the time they were placed on the market.
Market Hayward of the NAEA commented on the current state of the UK housing market, saying: “We expected to see uncertainty in the immediate period following Brexit, and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back in the coming months.”
Consumer confidence is currently quite low across the country and along with uncertainty within the market; it could sink lower before starting its rebound.
Simon Rubinsohn of RICS commented on the climate within the housing market, saying: “The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance.”