House prices see first September fall since 2010: Rightmove

Rightmove's figures show that the number of sales agreed is down this month in all regions compared to the same period a year ago, "indicating that this is widespread hesitation".

London has properties now coming to the market at an average of 2.1% cheaper than a year ago, with the South East region also in negative territory at -1.1%. All other regions have new seller asking prices up compared to a year ago, with the North West being the most buoyant at 3.5%.

Sales saw a national drop of 5.5% compared to last month and an annual fall of 3.4%. Additionally, the number of newly-marketed properties is down by 7.8% compared to the same period in 2018, with all regions down on the prior year. London has seen a drop of more than 20% in new properties coming to market as owners await a Brexit outcome and market recovery.

Rightmove says heightened political uncertainty is causing hesitation in the market, but is also giving "autumn buyers who keep their nerve a better negotiating opportunity".

Miles Shipside, director of Rightmove, commented: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.

"The autumn bounce normally kicks off at the same time as kids go back to school, but this year it’s a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year. Those who are planning to buy or trade up and can keep their nerve whilst others hesitate may find that they are in a stronger negotiating position to get a favourable deal.

“In August we reported a pre-Brexit buying spree with the number of sales agreed up by over 6% compared to the prior year, as buyers and sellers decided to get deals secured well before the next Brexit deadline. A month later, as the deadline gets closer and tensions heighten, there has been a big swing the other way with sales agreed numbers now over 5% below those of a year ago. Buying activity is still at nearly 95% of what it was a year ago, but sellers in all regions are seeing fewer sales go through, so should be more willing to negotiate with prospective buyers if they want or need to get a deal done."