GRAHAM HISCOTT No movement on house front Fearful homeowners stay put

HOMEOWNERS are so nervous about Brexit, their wages and the ailing economy that only death or divorce can force them to put up the ‘For Sale’ sign.

According to London Central Portfolio’s Residential Index, house sale numbers have fallen by 2% this year across England and Wales, and are down by 6.5% in Greater London. Prices in England and Wales are up 2.5% to around £293,000 with Greater London prices up 2.2% to just over £636,000.

In prime Central London, prices have rocketed by 12.5% to an average of £1.9million despite the number of sales dropping by 8.3%.

London Central Portfolio boss Naomi Heaton said: “Those selling tend to be doing so because they have to, typically as a result of life changes like death, divorce or marriage.

“There are very few causes for optimism in the domestic property market, where real terms, inflation-adjusted, house prices are no higher than they were in 2007.

“Affordability remains heavily constrained as wage growth struggles to out-pace inflation. The continued lack of a defined exit plan from the European Union, combined with economic uncertainty, have caused the market to stagnate.”

A separate survey laid bare the difficulties that those wanting to get on the property ladder face. Online estate agent Housesimple.com compiled a list of the 30 jobs where the average salary would mean, without help from parents, it would take 100 years to buy an average UK property. It found that full-time bar staff on an average annual salary of £14,390 would have to save for 128 years to afford a house.

Hairdressers and barbers would make it by the year 2143.

Sam Mitchell, chief executive of House Simple.com, said: “This provides a stark picture of the struggle many buyers working in low-paying, but essential, jobs face when it comes to buying a home.”

Shareholders in estate agent Countrywide yesterday approved an emergency £140million fundraising plan to slash the firm’s debt.

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