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TODAY'S OTHER NEWS

Housing demand and supply continue to falter

Housing demand from prospective buyers and the number of new properties coming to market continued to falter last month, according to the latest report from NAEA Propertymark.

The number of house hunters registered per estate agency branch was 282 last month, down from 294 in October. This represents the lowest number of buyers recorded in November since 2012.

Meanwhile, supply of available housing fell by 13% between October and November, dropping from an average of 40 properties per branch to just 35. This is the lowest figure recorded since April this year.

The number of sales agreed per agency branch also dipped from nine in September to eight in October and then seven in November.

NAEA Propertymark reports that the proportion of homes sold to first-time buyers remained steady at 23% last month.

"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 slow-down, but it’s unlikely that the time of year is the sole cause of today’s market conditions," says Mark Hayward, chief executive of NAEA Propertymark.

"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."

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