Uncertain market triggers 13% slump in supply and demand: NAEA

The number of house hunters registered per estate agent branch dropped to to 294 - the lowest number of buyers recorded for the month of October since 2012

The number of sales agreed per branch also dropped, however sales to first-time buyers increased after hitting a three-year low in August.

Since then, the percentage of properties sold to the group has been on the rise – increasing from 22% in September to 23% last month.

Mark Hayward, chief executive of NAEA Propertymark, said: “Last month’s findings prove that uncertainty surrounding Brexit is having an impact on the sector. It’s possible that many buyers and sellers are putting their plans on hold while they wait for clarity on what the UK’s future relationship with the EU will mean for them and the property market.

"We’re also entering a quieter period seasonally, where we typically see the market slow down as people put their moving plans on hold until the New Year. With fewer prospective buyers interacting with the market, it’s important those currently trying to sell their home ensure it is priced competitively and is presented in the best possible way.”