As Brexit gets delayed to October, UK’s housing market has received some much needed relief in May. According to data released by Royal Institution of Chartered Surveyors (RICS), the measure of house prices has climbed higher to -10 in May from -22 in April.
This figure measures the difference between price rises and falls reported by members and typically offers a six-month lead over other ways to measure house price inflation. It touched the highest level in May after October 2018, and beat expectations which were for -21.
Britain’s housing market has suffered significantly since the Brexit referendum in June 2016. During that month, the house price measure was +19, and has declined since then into negative territory.