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."
What do you think? Please tweet comments @suppsolutions
Related articles
- 02 Nov
THE ONS PLANS TO CHANGE THEIR DECISION TO MAKE HOUSING ASSOCIATIONS PUBLIC BODIES
According to reports by 24 Housing, the ONS said the following:Gavin Smart, Chartered Institute of Housing's deputy chief executive also said:"Although we have been expecting this decision for some...
- 30 Aug
RECENT ANALYSIS FINDS THAT THE HELP TO BUY SCHEME HAS ADDED TO THE INFLATION OF HOUSE PRICES
The analysis of the Help to Buy Scheme revealed the following:The chief executive of Paradigm Housing Group, Matthew Bailes, said:" ... clearly, it worked well for developers, and for providers, it...
- 22 Aug
A NORTH WALES COUNCIL REVEALED THEIR WAITING LIST FOR NEW HOMES HAS REACHED BREAKING POINT
The north Wales Council revealed their waiting list for new homes has reached "breaking point".According to Clare Budden, Flintshire Council's community enterprise chief officer said:"There are...
- 17 Aug
HOMELESSNESS POLICY IS UNDER REVIEW IN A NORTHAMPTONSHIRE COUNCIL
Kettering Borough Council has amended its letters to homeless residents to let them know of their right to request a temporary accommodation review.According to an ombudsman, Michael King:"People in...
- 15 Aug
FINANCIAL CONSTRAINTS HAVE CAUSED THE CLOSURE OF MANY CHILDREN AND YOUTH CENTRES
Local Government Association (LGA) made the following findings:Chair of the LGA's children and young people board, Richard Watts, said: "The reality is that services for the care and protection of...
- 11 Aug
RESIDENTS OF BUILDINGS IN LEDBURY ESTATE, SOUTHWARK, SOUTH LONDON WILL BE MOVED OUT TEMPORARILY
The buildings in Ledbury Estate in Southwark have been constructed in a similar way to Ronan Point, a tower block in Newham which collapsed in 1968 as a result of a gas explosion, killing three. An...
- 10 Aug
THERE IS A DECLINE IN THE HOUSING MARKET IN LONDON AND OTHER PARTS OF THE SOUTH EAST OF ENGLAND
The Royal Institution of Chartered Surveyors (Rics) made the following findings:Chief Economist at Rics, Simon Rubinsohn:"Sales activity in the housing market has been slipping in the recent month...
- 07 Aug
REPORT FINDS THAT PEOPLE ARE INTENSELY SUFFERING FROM LACK OF AFFORDABLE HOMES IN SCOTLAND
According to the report by "Shelter":Shelter's deputy director, Alison Watson, said:"This report shows the disproportionate impact of Scotland's housing crisis on young people and private renters who...
- 02 Aug
NEW REPORT BY THE PUBLIC ACCOUNT COMMITTEE IN WALES COMMENDS HOUSING ASSOCIATIONS
The report which was put together after nine months of inquiries stated the following:Nick Ramsey, Chair of the Public Accounts Committee, said:"Generally, we found governance and regulation within...
- 31 Jul
LONDON COUNCIL URGES THE GOVERNMENT TO MAKE MEASURES TO END LETTING FEES FOR PRIVATE RENTERS
The London council say urgent action is needed because the government has not provided "a clear timescale to introduce its own measure", Letting Agent Today, reports.Last year, the government had...
Support Solutions 5th National Housing Support & Social Care Conference 2014 The conference tackled todays issues at provider level, and provided knowledgeable people to present the workshops. A.L - Caraston Hall
