challenging conditions for housing market

Furnell Residential says that on-going concerns over the Brexit negotiations and the imminence of the Festive Season are creating challenging conditions for the residential property sector. 

Managing Director, Ben Furnell, said: "There is no doubt that with the on-going Brexit situation and Christmas on the horizon confidence amongst sellers is in short supply right across the country.
We have managed to achieve some excellent sales recently but it is important that sellers are realistic in their expectations on price. The agent has a key role to play in this by ensuring valuations fully reflect market conditions."

The latest house price index from Rightmove shows that prices are softening much quicker than normal for the time of year and price cutting is becoming far more widespread.

The figures reveal that the UK experienced its first year-on-year average house price drop since 2011 in October. On average prices for newly marketed homes coming to market were 0.2% lower than 12 months ago and 1.7% down month-on-month. 

"Hopefully Brexit will be resolved quickly and we can start the new year with renewed optimism," concluded Ben.