Well, here we go. We can now add ‘the property market’ to that long, long list of things that are in decline across this nation.
I’ve been watching it slide into its traditional Christmas slowdown for a few months now, and it’s way ahead of schedule, courtesy of Budget uncertainty.
We still have nearly a month to wait before we find out how much more the lemons are to be squeezed.
That has created months of fear and understandable reluctance to commit to anything, let alone a shiny new mega-mortgage.
The latest Zoopla data paints a bleak picture. It shows the first annual drop in sales in two years, buyer demand down eight per cent, and agreed sales down three per cent.
Stock levels have gone up by seven per cent, which feels less like a sign of healthy supply or an influx of new-builds, and more like properties gathering dust as the average time to sell lengthens.
Whatever Rachel Reeves has in store for us, I say, ‘Bring it on!’
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LATEST PROPERTY TIPS AND TRICKS
Jonathan Rolande shares his expertise
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Jonathan RolandeThe north/south divide is growing again, but this time with northern regions seeing stronger activity, but everywhere else feeling stuck – or worse.
The average time it takes to sell a home has increased to 37 days, around 10 per cent longer than this time last year.
So getting the price right is more important than ever if you want to secure a sale.
Buyers have choice and time, but much less desire to purchase. Estate agents are maintaining a cheerful front while privately wondering how they’ll manage through the long winter period.
Whatever Rachel Reeves has in store for us, I say, “Bring it on!” This uncertainty is killing the market and the UK economy.
Jonathan Rolande is a property expert and the founder of House Buy Fast. For more information, visit www.jonathanrolande.co.uk.