Fall In Property Purchases Recorded
There’s no doubt that Brexit is having an impact on many areas of the economy. One where that impact appears quite noticeable is in residential property.
Research released by Reapit has found that the number of exchanges recorded by UK estate agents is over one-third below the long-term average.
The company, which provides software solutions to estate agents, has analysed its data going back five years, looking at the three month period from November to January. It found that between November 2018 and January 2019, property exchanges dropped by 36 per cent compared to this five-year average.
Instructions of new properties were also down by ten per cent, while viewings of properties were five per cent lower than the average figures.
Gary Barker, CEO at Reapit, isn’t entirely pessimistic about the market though. He explained that while Brexit is responsible for a “wait and see” attitude among buyers and sellers alike, there’s reason to be hopeful for the future.
“Once we have clarity, the pent up demand of people waiting to buy, and supply of people waiting to sell, will see an upswing in activity for the housing industry,” he asserted.
This comes after the latest data from the Royal Institution of Chartered Surveyors (RICS) showed that new buyer enquiries fell for the sixth consecutive month, while the number of new properties coming onto the market at the start of the year also dropped.
If you’re planning to buy or sell a property, make sure you find solicitors in Buckinghamshire early in the process to help the transaction run smoothly.
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