THE HOUSING MARKET AFTER BREXIT VOTE
- 14 Jul
"Estate agents and surveyors are more pessimistic about the housing market than at any point since the late 1990's and the number of homes changing hands is expected to slump this summer, shortly after the UK's vote to leave the EU", according to the Guardian
A latest monthly survey by the Royal Institution of Chartered Surveyors (Rics) made the following findings:
- Inquiries from buyers fell for the third month running in June, and the number of sales agreed dropped hugely due to the Brexit vote
- New buyer inquiries also declined in June with 36% more respondents reporting a reduction than an increase
- This is the lowest reading since the financial downturn was beginning in mid- 2008
- The supply of properties coming onto the market also fell all regions except Northern Ireland, and
- Sales fell for a third consecutive month
Rics said:
"This is the most negative reading for near-term expectations since 1998."
Simon Rubinsohn, Rics's chief economist also said:
"Big events such as elections typically do unsettle markets so it is no surprise that the EU referendum has been associated with a downturn in activity.
"However even without the buildup to the vote and subsequent decision in favour of Brexit, it is likely that the housing numbers would have slowed during the second quarter of the year, following the rush in many parts of the country from buy-to-let investors to secure purchases ahead of the tax changes.
"...Respondents to the survey are understandably cautious but with interest rates heading lower and sterling significantly so, it remains to be seen whether the concerns about a possible stalling in both corporate investment and recruitment are justified."
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