The upcoming Brexit deadline of 31 October is said to be putting off home buyers. Rather than jumping onto the property ladder at such an uncertain time, many are thought to be taking on a more cautious mindset and are waiting it out. Sitting on the fence could also be a strategy to wait for lower asking prices as the demand from buyers declines. Lower interest rates could also be the goal of the waiting game of hopeful homebuyers.

The online property lister Rightmove reported that October usually is a time of a boost to the asking prices for new properties coming to the market. The average recorded increase in the month of October is 1.6%, but this October there was a decline of 0.6% which is the lowest since October 2008.

The London housing market is continuing to see lower housing prices as sellers are still in need of buyers willing to pay the highest average housing prices in all of the UK.

While buyers are staying away from the market, sellers are as well. Rather than put their property on the market when demand is low, they could be waiting for a stronger housing market.

Rightmove reported the lowest number of new listings coming to the market for this time of year since October 2009. Volume has fallen to a little over 24,000, a decline by 13.5% compared to the same time period last year.

Once the deadline of Brexit has passed it is expected that many home buyers will take advantage of the existing low interest rates and push caution aside for the opportunity to save money, especially first time buyers. That could provide a post Brexit deadline boost to the market that could help it end the year on a positive note.