The housing market “remained subdued” in the final quarter of this year, the Bank of England has been told by estate agents.
Reporting on agents’ summary of business conditions, the Bank says that activity was dampened by uncertainty around the October Brexit deadline and this month’s General Election.
Completions took longer to go through and more transactions fell through.
Mortgage problems were rarely given as a main reason for transactions not going ahead.
Agents from around the country also reported that buy-to-let investors held back on new purchases while consolidating their portfolios.
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As a contributor, these comments and much more are regularly fed back to the Bank who are acutely aware of the effect of House prices on the Economy and public sentiment.
The new Sales Protocol work with the Home Buying and Selling Group and Propertymark combined with new technology and App’s is set to be the largest change in the buying and selling process in a generation when it goes to its National launch next Spring. In our Pilot, we have reduced offer to exchange down to just 8 weeks across the year and all branches. There is a lot to look forward to in 2020.“The times they are a changing” .