U.K. Election Uncertainty Crimps Property Market Activity
November 18 2019 - 1:29AM
Dow Jones News
By Will Horner
The U.K. property market saw the largest fall in new sellers in
more than a decade in November, as a looming election, Brexit
uncertainty and a seasonal drop in house prices deterred people
from putting property up for sale.
New properties coming to market fell by 14.9% compared with
November 2018, according to data published Monday by online estate
agency Rightmove (RMV.LN). That was the largest year-on-year drop
since August 2009 and came as property prices fell by 1.3% compared
with the previous month, according to Rightmove's House Price
Index.
With November being marked by continued political wrangling over
Brexit and the start of campaigning for a December general
election, many people were waiting for the uncertainty to pass
before selling their homes, said Rightmove's director Miles
Shipside.
"Elections normally dampen activity as uncertainty causes a
degree of hesitation. But this one is being called to try to break
the deadlock after three years of uncertainty," he said referring
to the nation's stalled departure from the European Union. "A more
certain outlook, whatever it may be, would be a welcome change for
those who are contemplating moving," he added.
The number of agreed sales remained resilient, declining just
2.9% in November, Rightmove said. That suggested some were taking
advantage of the drop in prices to find a cheap buy, said Glynis
Frew, CEO of Hunters Property PLC (HUNT.LN), a U.K. estate
agent.
"There are many shrewd buyers who have been wise enough to bide
their time and capitalize on the political uncertainty which,
alongside the inevitable seasonal dip, offers a real opportunity
for them snap up a winter bargain," she said.
Write to Will Horner at william.horner@wsj.com
(END) Dow Jones Newswires
November 18, 2019 01:14 ET (06:14 GMT)
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