Buyer registrations are up by 37 per cent but Brexit uncertainty is holding back transaction levels.

House prices across England and Wales in October fell by 1.4% month-on-month and by 0.8% on the year, with the average house price standing at £220,353.

The number of properties coming onto the market rose by 1.1% and by 16.9% on the year. In October, there were over 10 buyers chasing every property across England and Wales.

But the market was less efficient, with the number of transactions falling by 3.3%, and the number of viewings dropping by 2.8%.

First-time buyers

The average purchase price for first-time buyers has fallen by 2.7% on the month and by 9.8% on the year. This comes as the number of first-time buyers registering onto the market has dropped by 3.2% on the month, but rose by 14.9% on the year.

Paul Smith, CEO of haart, said that despite negative Brexit rhetoric from Westminster and the industry, the property market remained resilient in October.

He said: “I believe that even if we encountered a hard Brexit, we would be very unlikely to see the significant price falls encountered during the credit crunch. Greater regulation in the banking and mortgage market, a shortage of supply and government support which underpins the first time buyer market means that a far more likely outcome would be a reduction in transaction volumes.

“The next couple of weeks will prove interesting. Below are my predictions of what could happen to the UK’s housing market following various Brexit scenarios – in my opinion the greatest threat is a delay to Brexit because of political posturing. We could expect a super-charged property market in 2019 if a positive Brexit deal is agreed.

“A no deal Brexit would likely result in a short term blow for the property market, at what would normally be a peak time of the year for activity. The most likely impact would be a slower market, with fewer transactions taking place as both buyers and sellers hit the brakes on their plans.

“Whilst a no deal scenario would potentially be quite damaging, an extended period of Brexit negotiations beyond the set date of March 2019 could prove just as detrimental.”