Residential property price growth remains subdued owed largely to the ongoing uncertainty created by the Brexit shenanigans in Parliament.
The data from Rightmove shows that the average asking price for homes sold via its website was 0.6% higher in October than in September, well below the average 1.6% rise seen for the time of year and the smallest increase since October 2008.
Average asking prices in October were 0.2% lower than in October 2018, compared with an annual rise of 0.2% in September.
The Rightmove figures reveal that growth in asking prices remains subdued on a national scale and below the traditional levels usually seen at this time of year, and it would appear that until the Brexit saga is resolved, one way or another, market conditions are unlikely to change.
Marc von Grundherr, director of letting and estate agent, Benham and Reeves, commented: “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.”
Existing stock levels remain lower than usual, particularly in London, as sellers continue to hold tight amidst continued market uncertainty.
The lack of activity from both buyers and sellers means that prices are unlikely to drop significantly, but there is little sign of an Autumn bounce.
Shepherd Ncube, founder and CEO of Springbok Properties, said: “No Autumn bounce as of yet, but given the current landscape, this will come as no surprise. That said, we could well see a late rally by UK home buyers now there seems to be light at the end of the tunnel where Brexit is concerned.
“Market conditions remain fragile but what we are seeing at present is very much a case of quality over quantity.
“While both stock levels and buyer demand remain low, those entering the fray are serious about it and so the transactions that are taking place are doing so with less chance of collapsing.
“This has no doubt been driven in part by an urgency to transact before we enter the unknown abyss of life outside of the EU. However, it also demonstrates that for many, homeownership continues to be a life aspiration and not an investment venture and so regardless of wider influences, we continue to buy and sell homes.”