The price of property coming to market has fallen by 0.2 per cent (-£656) in July 2019, the first monthly fall recorded this year, according to data published by Rightmove.

In its most recent House Price Index, Rightmove revealed that fewer properties are coming to market, down by 7.8 per cent this month when compared to the same period a year ago, while agrees sales have also dropped 4.6 per cent.

However, despite this, estate agents’ total average stock per branch was recorded at a higher level than any time in the last four years, suggesting that the challenging market has meant estate agents are taking longer to secure buyers. Average stock was running at 53.3 properties in July, the highest number since the 54 recorded in July 2015.

The index calculated that the average time to secure a buyer was at 62 days, the highest at this time of year since 2013. Rightmove implied that, as a result of this longer time to secure a buyer, coupled with higher property stocks, the second half of 2019 will be “more of a buyers’ market”.

Commenting, Rightmove director and housing market analyst Miles Shipside said: “The housing market fundamentals remain largely sound in many parts of the country, but the current political climate means that the crucial ingredient of confidence has been impaired, and that is causing some potential buyers and sellers to hesitate.

“With record employment, low interest rates and good mortgage availability, buyers have a lot in their favour apart from the lack of political certainty. Those who have postponed their purchase should note that estate agency branches have more sellers on their books than at any time for the last four years, so there should be more choice of properties to buy. It could be a good opportunity to negotiate a relative bargain in the second half of the year, if they can set aside the continuing Brexit distractions.”

Savills head of residential research Lucian Cook added: “Since the Brexit vote, the market has become driven by sentiment far more than the traditional economic drivers of affordability. That said, 2016 also coincided with the markets of London and the higher value parts of the South East hitting up against the limits of more regulation.

“As a consequence, the slowdown has, to date, been most evident in that part of the country. There are early indications that this ripple of caution, that is constraining price growth, is spreading more widely into some of the market’s further north. Protracted political hiatus has added to the sense of caution over the prospects for household finances, even though mortgage debt remains cheap.

“These market conditions have sorted the needs-based movers from the discretionary ones who are often in larger properties. They also mean that selling in the current market requires a healthy dose of pragmatism, which is reflected in a decline in asking prices. Where that has been taken on board, stock has continued to trade. That presents opportunities for those looking to trade up the ladder, though they need to be as realistic about the value of their own property as about the one that they want to purchase.”

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