The impact of the Brexit vote is being seen subtly in the housing market as to whether demand is outpacing supply in some areas. The result is showing in whether the buyer or the seller has the advantage. Where demand has relaxed in some areas the buyers are able to negotiate toward a better buying price. In the areas where demand has remained high and the supply of homes coming onto the market isn’t keeping up is where sellers are holding out for the highest price possible.

The online property lister, Rightmove, reported that the asking prices for new properties coming onto the market were slightly below record levels in October. The average asking price for properties in England and Wales is £309,122. This is an increase of 0.9%, or £2,623, compared with the asking price average in September. The average is only £1,349 below the record high set in the month of June.

Miles Shipside, director of Rightmove, remarked that there are more properties coming onto the market, noting that there is a 16% increase compared to October 2015, so an increase of supply isn’t due to a cooling of recent demand levels.

He added, "This increase in the number of properties up for sale should not be misinterpreted as a glut of unsold property, but rather as an increase from the very low number of properties that agents have had on their books in the last few fast-selling years.

While there is still underlying high demand in mass-market sectors, some find that affordability has become over-stretched while others judge that prices have risen beyond their true value. While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal.”