Britain's Housing Market Still Under Pressure Due to Brexit Uncertainties: RICS - Forex News by Strategia Forex
Weak Housing Data

Britain’s Housing Market Still Under Pressure Due to Brexit Uncertainties: RICS

Posted Thursday, September 12, 2019 by
Arslan Butt • 1 min read

According to a recent survey by RICS, Britain’s housing market is going to be under pressure because of Brexit uncertainties in the coming months. Sales volume expectations for the next three months fell to -23% in August from -4% in July and short-term expectations for house prices fell to -24% in August from -13% in the previous month.

On the positive side, the headline RICS Price net balance for August climbed higher to -4% from -9% in July, even though economists expected a decline to -11%. The real estate market could pick up within a year, with respondents expecting house prices to rise by 12% in the next 12 months.

The housing market in Britain has continued to suffer since the Brexit referendum in 2016 as buyers remain hesitant to make important purchase decisions in the wake of rising uncertainty. Meanwhile, the demand for renting houses remains strong in the market, with net balance rising for an eighth consecutive month in August to +23%.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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