Estate agents have reported a drop in the number house hunters following the Brexit vote, with demand at its lowest since 2013, according to new research.
The National Association of Estate Agents said that the number of house hunters registered per member branch dropped to an average of 298 in July from 330 the previous month.
This is third lower than in July last year and the lowest seen since November 2013.
In the run-up to April’s stamp duty hike there was a boom in borrowing as buyers brought forward transactions to beat the deadline. Following the introduction of the tax there was then a dip in lending.
The housing market has also been hit by uncertainty over the impact of the EU referendum, with many buyers adopting a more cautious approach and putting off purchases.
The NAEA said that the supply of houses available to buyers increased marginally from 37 properties available to purchase per branch in June to 38.
Eight out of the 10 properties sold per member branch also went for less than the original asking price – an increase of 8% from June.
The number of sales made to first-time buyers fell from 30% in June to 25%.
Mark Hayward, managing director of National Association of Estate Agents, said: “We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months.”
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