There has been an ‘unprecedented’ collapse in the number of exchanges, says software company Reapit.

It says that between November and January the number of exchanges fell to a five year low for that time of year.

It says that sales, measured at exchange, were down 36%. Properties under offer were also down 8%, new instructions down 10%, and viewings down 5%. Market appraisals were also down, 2.5%.

In Greater London, exchanges are down 16%, with 27% fewer new listings in December than in the same month in 2017.

Chief executive Gary Barker said: “It’s fair to say that the housing market is holding its breath as we await the Brexit outcome.”

In other new research, predictions are that rents are likely to go up this year – and house prices likely to go down.

Some 40 Belvoir franchisees were asked for their opinions on the market.

Most (86%) said rents would rise or stay static this year, with the tenant fee ban and shortage of supply cited.

Just over three-quarters of the sample said that house prices would fall or stay static, with uncertainty over Brexit having an impact.

One Belvoir office, in Tunbridge Wells, Kent, said that political uncertainty is preventing people from putting their homes on the market.

Those who have put their homes up for sale are finding nothing suitable to buy, resulting in an increase in people looking to rent.

Another Belvoir office, in Stratford-upon-Avon, said: “Brexit is having a catastrophic effect on buyer confidence.”