Property market impacted by political turmoil

There was a drop in the average price of homes being put on the market in November, in addition to a fall in the number of people putting their homes up for sale during the same period.

Average prices of homes going on the market saw a 1.3% drop during the month, while the number of new sellers went down by 14.9% in comparison with November 2018. The source of these figures is the House Price Index, published by the online real estate portal Rightmove, and the stats for November when it comes to house sellers entering the market for the first time are the lowest for any month this year.

Rightmove is arguing that the reasons for this are political turmoil and the continued failure of property prices to rise. Speaking to Mortgage Introducer, Miles Shipside from Rightmove stated that the deadline for Brexit and the subsequent election represented a unique set of circumstances that had taken a toll.

However, he went on to add that there was a strong chance that things would improve now that the election result had removed much of the uncertainty.

November also saw a drop in the number of house sales that went through, with a year-on-year fall of 2.9%. Sizeable homes were the ones that produced the best results.

Mortgage advisors who have done a course with a CeMAP training company will be hoping that the more stable political situation leads to a rise in the numbers buying and selling homes and seeking mortgages.



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