Number of homes coming to market at lowest level in a decade
- Credit: Archant
A combination of the usual winter downturn, ongoing Brexit uncertainty and the upcoming General Election has resulted in a dramatic drop in new sellers bringing their properties to market.
According to Rightmove's November House Price Index, 14.9 per cent fewer sellers put their homes up for sale last month compared to a year ago - the largest annual dip since August 2009.
The number of sales agreed was down by just 2.9 per cent on a year ago, however, while average prices were up 0.3 per cent year-on-year and down 1.3 per cent month-on-month.
In the East of England - which includes Hertfordshire - house prices were down 1.2 per cent month-on-month, compared to an annual dip of 1.1 per cent.
Rightmove's Miles Shipside noted "a clear swing towards hesitation for prospective sellers", but added that, in spite of this, "buyers are continuing with their purchasing plans, with the number of sales agreed only marginally down on a year ago."
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Glynis Frew, CEO of national estate agency chain Hunters, who have branches throughout Herts, said that "Brexit jitters" were inevitable until "the impasse in Westminster comes to an end".
She added: "Nobody really knows what's around the corner so it's understandable that some buyers have been sitting tight and sellers haven't been itching to bring their properties to market."
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The General Election adds "another layer of uncertainty", she said.