Lowest number of new instructions for over ten years as ‘thousands’ of sellers postpone plans

Lowest number of new instructions for over ten years as ‘thousands’ of sellers postpone plans

The number of new sellers bringing their homes to the market is down 14.9% compared with this time a year, Rightmove reports this morning.

It is the biggest year-on-year slump in any month since August 2009 – when the last housing crash was under way.

The number of sales agreed is also down, by 2.9% on this time last year.

Asking prices for properties new to the market are down by an average of 1.3% compared with a month ago, but slightly up – by 0.6% – on a year ago.

The average new asking price on Rightmove is now £302,808.

Rightmove said that thousands of prospective sellers have postponed their marketing plans, deterred by lower asking prices, Brexit and the general election.

Rightmove director Miles Shipside said: “I’ve seen lots of unusual events affecting the property market in my 40-year career” but nothing like this.

He said it was also possible that some would-be sellers might be waiting to see if there are any reforms to Stamp Duty following the election.

Rightmove warned that if the 15% slump in new seller numbers continues into next spring, then there will be significant knock-on effects throughout 2020.

Rightmove also reported this morning that the average time for a property to go under offer is now 64 days and that the average branch has 52.8 properties on its books, including those under offer and sold subject to contract.

The period Rightmove is reporting on this morning is from October 13 to November 9. The general election was agreed on October 29.