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Property transactions plummet post-Brexit as low stock pushes up prices

Ongoing uncertainty surrounding Brexit is drying up London’s stock of available properties as sellers hold out until political circumstances become clearer, driving up property prices as a result.

The figures, part of estate agent haart’s monthly price index, have registered a 5.7% jump in the capital’s property prices as homeowners suffer a ‘crisis of conference’ as a result of the Brexit vote.

According to haart, the number of properties on the market in the capital has dropped by over 10% compared to September, while the number of transactions has fallen by nearly 20% compared to last October, fuelling the price rises currently seen across London.

Paul Smith, Chief Executive Officer of haart estate agents, commented: “The nation’s property market is suffering from the ongoing confusion around Brexit and what it will mean for our economy. Homeowners are experiencing a crisis of confidence, with sellers either holding out for better offers or keeping their properties off the market altogether.

“A Brexit courtroom drama has hardly helped the situation. The government must set out a clear plan for Brexit to help buyers and sellers feel confident and to get housebuilders building again.”

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