HOUSING MARKET MAY BE SETTLING DOWN AFTER INITIAL SURPRISE OF THE EU REFERENDUM
Report from the Royal Institution of Chartered Surveyors (Rics) shows that despite the effect of the Brexit vote on the housing market, prices and sales will rise in the coming months
Two months ago, after the EU referendum, Rics had the forecasted a major fall in sales. Conversely, over the next five years, they are forecasting a 3.3% a year increase on average; the most optimistic prediction since the EU vote.
According to Rics:
“A net balance of 12% of surveyors reported house prices rising rather than falling in August up from a balance of 5% in July
In London, more reported price falls than rises for a sixth successive month
In most other parts of the UK, prices went up
An important factor in supporting the rising prices was the continued shortage of stock for sale, with stock on estate agent books approaching the record low posted in December 2015″
Rics’ chief economist, Simon Rubinsohn, said:
“There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum.
“Buyer inquiries did dip again in August, but only modestly. More significantly, sales expectations are beginning to edge upwards once again.
“It is likely the swift response from the Bank of England, both in terms of the lowering of the capital buffer and the cut in interest rates, has played a role in helping to support confidence.”
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