Housing Market Activity Continues to Slow Down

Housing market activity continued to slow down in November, according to the latest Housing Report from NAEA Propertymark (the National Association of Estate Agents).

Housing demand

The number of home hunters registered per NAEA Propertymark member estate agent branch fell in November, from an average of 294 in October, to 282.

This is the lowest number of prospective buyers to be recorded for the month of November since 2012, when agents registered an average of 263.

Property supply

In November, the supply of available homes to buy on member estate agents’ books dropped by 13% for the second consecutive month, falling from an average of 40 in October to 35.

This is the lowest number recorded since earlier this year, when an average of 33 properties were available to buy per branch in April.

Agreed sales

The number of properties sold to first time buyers remained at 23% in November for the second month running, which was higher than the 20% recorded in August and 22% in September.

Year-on-year, the amount of sales made to this group is down, from 27% in November 2017.

The number of sales agreed per NAEA Propertymark member branch fell for the second consecutive month in November, from an average of nine in September, to eight in October, to seven last month.

Mark Hayward, the Chief Executive of NAEA Propertymark, assesses the figures: “Last month, it was clear that uncertainty surrounding Brexit was having an impact on the sector, and this month is no different. We usually see a seasonal slowdown, but it’s unlikely that the time of year is the sole cause of today’s market conditions.

“As we near the end of the year, we’d usually expect potential buyers and sellers to put their plans on hold until early next year, but it’s likely that this year we’ll just see people holding off until there’s some clarity around what the Brexit deal might look like and what it will mean for the economy.”