House price ‘autumn bounce’ fails to appear for first time in amost a decade – The Telegraph

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House price ‘autumn bounce’ fails to appear for first time in amost a decade – The Telegraph

The usual “autumn bounce” in house prices has not happened for the first time in almost a decade, analysis site has shown.

The average asking price of a newly-listed home on Rightmove, the property portal, fell month-on-month by £730, to £304,770, the first time this figure has decreased since 2010. The site said it would usually expect to see the amount demanded by sellers rise at this time of year.

The data also showed a 5.5pc decrease in agreed sales compared to the same period a year ago and a 7.8pc drop in new properties coming to market.

Miles Shipside, a director at Rightmove, said buyers were being put off because of the perceived risks to the market of the looming Brexit deadline, but other experts argued the effects of Britain’s EU exit are being overplayed.

There have been reports that house prices could fall by as much as 20pc in the event of a no-deal Brexit, an outcome which is looking increasingly likely. Rightmove said the fall meant that buyers who kept their nerve could have a stronger negotiating position.

Mr Shipside said: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. 

“However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.”

Henry Pryor, an independent buying agent, said the falls in asking price were more likely a result of market pressures forcing sellers to be more realistic. 

The market works in cycles, he said, and the cost of getting on the ladder and lack of easily available credit, combined with the poor performance of estate agents, meant sellers were having to cut asking prices to entice cautious buyers.

“Of course Brexit is a factor but it’s just the sprinkling on the top of these market movements, it’s not the cause,” he added.

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