Residential property market hit again by Brexit uncertainty, says RICS

Royal Institute of Chartered Surveyors | September 12, 2019

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.

Spotlight

The improved performance of the property sector in recent times means greater revenue to the State Governments from increased transaction activity and higher valuations. The proportionate tax burden borne by the Real Estate & Construction industry means the topic of property taxes and their impact on the economy is more relevant than ever. With the Federal Government White Papers on our tax system and the federation model in the pipeline, now is the time for the industry to voice its concern on the impact that the current model has on housing, investment, and development activity, along with recommendations for change.

Spotlight

The improved performance of the property sector in recent times means greater revenue to the State Governments from increased transaction activity and higher valuations. The proportionate tax burden borne by the Real Estate & Construction industry means the topic of property taxes and their impact on the economy is more relevant than ever. With the Federal Government White Papers on our tax system and the federation model in the pipeline, now is the time for the industry to voice its concern on the impact that the current model has on housing, investment, and development activity, along with recommendations for change.

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