Back in the '90s, when the property market was more of a rollercoaster than it has been recently, there was a joke that circulated whenever the market took a dive: "Why don't estate agents look out of the window in the morning?" The answer? "Because they need something to do in the afternoons."
This joke has been on my mind lately, as the market is looking worryingly unstable for the first time in years. Is it merely pausing for breath, or is it something worse?
After months of stagnation, October arrives with storm clouds gathering. The impending Budget has unsettled both buyers and sellers.
Talk of further tax hikes, persistent inflation, rising fuel costs, and stagnant interest rates has all combined to suppress demand to the point where very little is happening.
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Sentiment, more than anything else, drives the property market.
Meanwhile, tenant reform plans seem poised to create as many problems as they solve.
Landlords are cautious, foreign investors are watching from the sidelines, and households are questioning whether it's worth stretching for a bigger mortgage when wage growth is flat and the cost of living continues to rise.
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Property, like politics, runs on confidence, and right now, it's in short supply
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Spiralling public debt and the Government's reluctance to address it with anything other than new taxes only add to the gloomy outlook.
So where does that leave us?
In the short term, prices will decline. Sellers who must sell will inevitably need to lower their prices.
Jonathan Rolande gives his predictions on the property market
| JONATHAN ROLANDEWe'll see modest declines across regions in October due to the slow erosion of confidence, with London set to be the hardest hit.
Buyers know they hold more power than they did a year ago, and the savvy ones are using it to their advantage.
There has been some relief for tenants, with rents stabilising, but supply will likely be squeezed due to the Renter's Reform Act, leading to increased monthly costs for renters in the coming months.
The country is weary of belt-tightening and the promise of better times ahead. Property, like politics, runs on confidence, and right now, it's in short supply.
The Government should – no, must – inject optimism into the market and, by extension, the nation.
People need to believe that investing in a home and in a future is worthwhile again.
Without that, October could mark not just a pause but the start of something far worse: a market that decides doing nothing is the best option.
Jonathan Rolande is a property expert and the founder of House Buy Fast. For more information, visit www.jonathanrolande.co.uk.