Brexit prompts slump in buyer numbers to three-year low claims NAEA

Against the trend of some recent market snapshots, the National Association of Estate Agents says there has been a sharp drop in the number of buyers registered with members in the wake of the UK’s vote to leave the European Union.

The NAEA says that in July the number of house hunters registered per member branch dropped to an average of 298, from 330 in the previous month. 

This is the lowest seen since November 2013, when 292 buyers were recorded, and no less than 35 per cent lower than in July last year, when 462 prospective buyers were registered per branch.

The supply of houses available to buyers increased marginally last month, from 37 properties available to purchase per branch in June, to 38.

Meanwhile the association says that last month, eight out of the 10 properties sold per member branch were for less than the original asking price – a deteriorating picture from the month before.

The number of sales made to first time buyers decreased in July, from 30 per cent of total sales made to the group in June, to 25 per cent.

However the number of sales agreed per member branch remained at eight, as was the case in June.

Only 31 per cent of agents reported that there had been no change in the housing market since Brexit and that it was ‘business as usual’ - a similar figure reported that interest from foreign investors had remained the same.

“We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months” says Mark Hayward, the NAEA managing director.