In the past three months, property transactions in the UK have fallen by a third, the latest research from Reapit has revealed.
The company, which provides a software platform for estate agents, compared its data from November to January this year with the five-year sales average it’s recorded for the same three-month period.
It found that the average number of exchanges on property transactions had fallen by 36 per cent compared to this five-year average.
What’s more, instructions for new properties going on the market fell by 10 per cent compared to the long-term average, and properties under offer were eight per cent below the average too.
CEO of Reapit Gary Barker commented: “It’s fair to say that the housing market is holding its breath as we await the Brexit outcome. Nobody wants to risk being on the wrong side of a potential house price crash.”
As a result, buyers and sellers alike are taking a “wait and see” approach to the market. However, this means that there’s likely to be a boost to the country’s residential property sector as soon as the cloud of uncertainty lifts.
Mr Barker pointed out that there will be “pent up demand” among people who have been waiting to buy, as well as those who’ve been holding off selling.
But while the broader property market appears to have slowed down, one group of buyers is doing better. Research from UK Finance earlier this month revealed that the number of first-time buyers entering the market has hit a 12-year high.
A rise in the number of competitive mortgage deals available for first-time buyers and government incentives like help to buy have boosted this section of the market, the organisation stated.
Whatever stage you’re at with property, make sure that you’re receiving support from conveyancing solicitors in Epsom.