Residential property market hit again by Brexit uncertainty, says RICS

Royal Institute of Chartered Surveyors | September 12, 2019

Residential property market hit again by Brexit uncertainty, says RICS
There has been a renewed deterioration in residential property sales expectations in the UK over the near term, with Brexit uncertainty being a significant factor, the latest market survey shows. The Royal Institute of Chartered Surveyors (RICS) is predicting a further decline in activity over the three months to come in its August report, as both buyers and sellers remain hesitant. Near term sales expectations fell from a net balance of -4% to -23%, representing the poorest return since February this year. Furthermore, sales expectations have weakened in almost all parts of the UK over the past two months. Things are expected to improve, albeit only very modestly, RICS adds, over a 12 month period.

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Competition for space will increase more rapidly in well connected locations with amenities and proximity to talent.