How Brexit is Affecting the Housing Market Now…

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The latest report from the Royal Institution of Chartered Surveyors (RICS) predicts demand and supply in the UK housing market will fall once again due to the uncertainty caused by Brexit.

The number of people looking for a new home in November 2018 fell again with many comments attributing this to Brexit uncertainty.

With little choice for new buyers and fewer people interested in moving, the number of agreed sales fell again in November 2018.

The Governor of the Bank of England last month said a “No Deal” Brexit could result in house prices falling by as much as 30%.

In the letting market, demand from prospective tenants is holding steady, however the continued decline in new rental stock means that rents are expected to rise modestly over the next three to twelve months.

The bigger risk however, is that this now spills over into development plans making it harder to secure the uplift in the building pipeline needed to address the housing crisis.

There is no doubt that Westminster needs to resolve the Brexit issue as quickly as possible, as the longer it drags on the more damage is being inflicted on the UK housing market.

To read more articles on the property sector from Nick Symes, Director of Property, please visit:

http://www.reichinsurance.co.uk/media-centre/

Tags: Brexit | housing | RICS | Surveyors | BoE | landlords