New instructions have dwindled this month and are 13.5% below this time a year ago, Rightmove reported this morning. It blames political uncertainty for sellers’ reluctance.
Meanwhile new asking prices edged up just 0.6%– the lowest monthly rise at this time of year since October 2008. On an annual basis prices are down – by an almost imperceptible 0.2%.
Regionally, new asking prices are down annually in a number of regions, including London, the south east, east of England, Yorkshire & Humber, north east and Wales.
According to Rightmove the average asking price for a property new to the market is £306,712, up from £304,770 last month.
The weekly run-rate for properties coming to the market this month – Rightmove defines “October” as being September 8 to October 12 – was 24,539.
Rightmove housing expert Miles Shipside said: “Thousands of potential sellers are holding back compared to this time a year ago, although the number of buyers agreeing purchases is virtually the same.”
Shipside said that Rightmove data shows that fall-throughs are at their lowest rate since 2015.
He said: “Sellers who are coming to market are fewer but more serious, and buyers seem to be serious too.”
According to today’s Rightmove report, the average time to secure a buyer is 62 days, and the average stock per branch, including properties under offer, is 53.6.