There were 20% fewer transactions across England and Wales last month compared with September last year.
LSL and Acadata put the total number of transactions in September in England and Wales at 63,000, down a fifth on the same month last year.
Annual house price growth also slowed, LSL and Acadata jointly reported this morning.
The average house price was £297,287, down just 0.1% on the previous month with annual house price inflation standing at 1.3%.
However, the slowdown was almost entirely led by London the south-east.
Stripping out these regions, annual house price growth was 3.3%, while in Wales the market is strengthening with transactions holding steady.
Oliver Blake, managing director of LSL brands Your Move and Reeds Rains, said: “Despite slowing price growth, particularly in the southern regions, the north continues to report positive results.
“The future, however, will rely heavily on stock availability, and with housing clearly on the political agenda, what government support may be offered to those looking to buy.”
Regions with house price growth included the north-west but not the north-east.
While Greater London, the south-east and the east of England all showed average prices falling away, the south-west had average house prices rising.
If the Government continues to tax the living daylights out of HomeBuyers with increasing duty they will create a property market crisis.
As for the rudderless shambles of the Brexit Negotiations and its effect…..don’t get me started!
Can someone please show me the actual evidence of how Great Britain is going to be Great after Brexit?
All I am witnessing is a once positive economy having the life squeezed from it.
I’ll stop there as I need to prepare for the other storm today!
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The lack of instructions will replicate this headline across the UK in the coming months
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A serious reduction in instruction levels would damage the profitability of most agencies but could cause the demise of ‘pay up front’ agencies.
Discuss?
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Said it before and will say it again. The “Pay Up Fronts” ONLY survive off the perception the market is “Easy”. In fact, an easy market levels the playing field for almost all agents.
A tough market is welcomed by me, the best High Street Agents will then shine through.
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Be careful what you wish for
I once worked for a bunch of traditional minded agents who said they did better than everyone else in a bad market – they went bust due to their arrogance………
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Thanks J1, note “a tough market” is welcomed by me! Nothing more, just enough to stop the smart **** “all you need is Rightmove and Zoopla brigade”
26 years now and our company has seen a few ups n downs in the market place. You adapt or you cash out before it does go bust!
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Agreed
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>Discuss?
Some thoughts for the discussion.
Pay up front agencies don’t need to be pay up front.
If you (or your investors) have deep pockets then you can ride out a downturn better than those that don’t, picking up a proportion of the business of those falling by the wayside.
If you have self employed workers then adapting to market conditions is easier.
Contrary to the belief on here there is plenty of experience among PurplBricks’ LPEs and management.
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It isn’t great if you are the self employed lister if you don’t get anything for not listing properties. Head office salaries will be supported as will marketing spend, but the foot soldiers might soon get tired of 10 weeks of no listings between mid November and end of January .
Pyramid schemes always favour the tier above, it’s not great if, as the Uber drivers found out, trade drops off and head office keeps diluting the earning opportunities to keep their revenues up.
What tends to happen is the more able agents, those most used to decent wages, soon realise the listing year isn’t 52 weeks long it’s about 40.
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>What tends to happen is the more able agents, those most used to decent wages, soon realise the listing year isn’t 52 weeks long it’s about 40.
Wouldn’t the more able agents already know this?
Unless PurpleBricks have guaranteed some level of support for LPEs during the coming months you’d be surprised that so many new agents are signing up.
The number of LPEs will find its own natural level if no support is being provided. I’ve seen a small fallback in numbers recently from 701 to 698.
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