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UK property exchanges fall by a third in three months: Reapit

Property exchanges in the UK fell by a third in the past three months, according to Reapit.

The firm, which describes itself as a CRM and client accounting software provider for the residential real estate sector, found that exchanges were down 36 per cent between November 2018 and January 2019 compared to the five-year average over the same three-month period.

In addition, the data highlights that properties under offer were down 8 per cent on the long-term average and instructions of new properties down by 10 per cent.

The viewing of properties by potential homeowners was also down, recording a 5 per cent decline and market appraisals of properties dropped 2.5 per cent, according to the firm.

Reapit outlines every data point was down on the five-year average, from the initial market appraisals.

Reapit chief executive Gary Barker says: “Although house prices remain reasonably resilient, our research sheds light on the extent to which Brexit uncertainty has affected property transactions in the past three months.

“It’s fair to say that the housing market is holding its breath as we await the Brexit outcome. Nobody wants to risk being on the wrong side of a potential house price crash, so the market sentiment is to wait and see.

“There is a silver lining we can be more confident about: once we have clarity, the pent-up demand of people waiting to buy, and supply of people waiting to sell, will see an upswing in activity for the housing industry.”

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