Housing Market Hit By Brexit Uncertainty
Britain’s property market is slowing as political and economic uncertainty take their toll on sales, buyer demand and prices, a closely watched survey has shown.
9th November 2017
The month of October saw the housing market soften as price rises slipped to a mere one per cent, according to the the Royal Institution for Chartered Surveyors’ (RICS).
UK regions showed flat or falling sales volumes in October, and London had its worst reading since 2009.
With household debt rising, the numbers of consumers purchasing £1 million properties has dropped, with many selling for well below the asking price.
The survey insists the recent rise in interest rates played a part, and suggests house prices could drop further over the coming months.
The combination of the increased cost of moving, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market,” said Simon Rubinsohn, the chief economist of RICS.
Many contributing surveyors agree the recent political uncertainty is influencing the housing market. Neil Foster, a surveyor from Newcastle upon Tyne, insists we are in for a “long winter”- the affected sentiment of buyers and sellers is not getting better fast.
However some disagree, and Halifax and Nationwide both point to slight growth in the market recently, indicating a potential change in momentum.
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