With longer days and warmer weather, Spring is traditionally a busy time for the property market. However, the latest data from Rightmove shows the political uncertainty surrounding Brexit has cooled the Spring market.
Rightmove’s property expert Miles Shipside said: “While March marks the start of spring, temperatures have yet to rise in the housing market. Buying activity remains cooler than usual, with hesitation as some buyers await a more settled political climate.”
The average price of property coming onto the market has risen by just 0.4% (+£1,287) this month, the lowest average monthly rise at this time of year since 2011.
Outside of London, prices remain stronger with 9 out of 11 regions seeing higher prices for new properties on the market. However, the number of sales agreed by estate agents in February down 7% compared to the same period in 2018.
Tom De Ville, Director at Fine and Country Nottinghamshire, says: “A more certain political outcome would help to reassure those currently hesitating and would help to get the wheels turning more quickly again, and it would also help boost much-needed supply.”