• Double-whammy of Brexit and election hits UK housing market - survey

Market news

18 November 2019

Double-whammy of Brexit and election hits UK housing market - survey

The number of properties put up for sale in Britain has fallen by the most in any month in more than 10 years as the combination of Brexit and an election weighs on the market, a survey showed.

There were 14.9% fewer properties put on sale in the four weeks to Nov. 9 than in the same period last year, property website Rightmove said. That was the biggest annual fall since August 2009, shortly after the global financial crisis.

"I've seen lots of unusual events affecting the property market in my 40-year career, but a Brexit deadline followed by a snap general election six weeks later is obviously a new combination," Miles Shipside, Rightmove director, said.

Rightmove said some would-be sellers of property might be waiting to see if Britain's next government reforms the stamp duty tax on property transactions which might reduce the cost of acquiring a new home.

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