Analysis of properties for sale UK-wide by Jackson-Stops & Staff has revealed that little has changed post-Brexit and while the market has weakened marginally, reports of a crisis are unfounded.
There were 866,179 properties for sale nationally the day before the Brexit vote and of these 352,301 were under agreed offer, representing 40.7% of the market.
Fast forward to 8 August and the total number of properties on the market has risen by 1.7% to 872,953, while the number of properties under offer has dropped 4.3% to 335,176.
Nick Leeming, chairman at Jackson-Stops & Staff, said: “Whilst the market has weakened slightly following the Brexit result, we usually see a slowdown in activity over the holiday months and these figures suggest we are yet to see a property crisis.
“Although agreed offers have marginally decreased, many thousands of buyers are still making offers to buy homes in the present economic environment. As a result, many sellers are feeling confident, demonstrated by the fact that asking prices themselves have not fallen – and have in fact seen a moderate increase.”
While the figures point to a robust housing market, many experts believe it is still to early determine the impact of the EU referendum on supply and demand.
For properties under agreed offer or sold subject to contract, the average house price is £232,699, 3% lower than the average of all properties.
Looking at only the average asking price of all properties on the market – but not under offer or sold – shows an average asking price of £247,026. This is 3% higher than the average for all properties in July, suggesting that sellers with agreed offers have been more realistic in pricing their properties than those without an agreed offer in place.
Leeming said: “While sellers may have to drop their asking price a little to get an agreed offer, there is no evidence of sharp house price decline nationally. Indeed, sellers accepting an offer 3% to 5% below asking price is normal in a healthy housing market.
“Despite the scaremongering being issued by a number of gloomy commentators, these figures show that the housing market continues to remain remarkably resilient. There is life after Brexit – the housing market is driven by need and these needs continue to motivate thousands of buyers.”
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