Brexit

Brexit uncertainty is 'taking its toll on the housing market'



Brexit uncertainty has continued to take its toll on the UK housing market, according to new research.

The monthly Royal Institution of Chartered Surveyors (RICS) UK residential market survey was consistent with a weaker trend in sales activity, with the headline indicators for demand and supply falling once again.

Almost half of respondents cited political uncertainty caused by Brexit as impacting the UK housing market.

The report claimed that house prices fell, most notably, in London, South East and East Anglia and were broadly flat in the South West, East Midlands and North East.

Prices rose in Northern Ireland, Scotland, West Midlands, Wales, Yorkshire & Humber, and the North West.

“It is evident from the feedback to the latest RICS survey that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market,” said Simon Rubinsohn, chief economist at RICS.

“Indeed, I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.

“Caution is visible among both buyers and vendors and where deals are being done, they are taking longer to get over the line.”

Hew Edgar, head of policy at RICS, added: “RICS shares the resounding sentiment of frustration from our professionals operating in the UK's residential sector, and we are not surprised by this month's outcome.

“Brexit was always going to be a very politically charged debate, but the current style of politics and continuing level of political uncertainty is significantly impacting the housing market and built environment.”

 


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