UK property transactions have been reducing at a rapid rate, according to recent research.
The study carried out by estate agent software platform, Reapit, found that UK property transactions have fallen by over a third in the past three months.
Property transactions between November 2018 and January 2019 fell by 36% compared to the same time frame over the last five years.
The research revealed sellers are reluctant to place their properties on the market during such an uncertain time. The 10% market reduction in instructions during this time signifies a five-year low point.
Statistics that have been based on the five-year average also suggest properties currently under offer have declined by 8%.
Gary Barker, CEO of Reapit, said, “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. Our data reveal that property sales per estate agent have dropped by a third when compared to the long term average.
“The 36% drop in sales represents an unprecedented five year November to January low. It’s doubly concerning for estate agents because seasonally, this is a quieter period for transactions compared to the summer 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.”