New House Sales in Britain Fall to Lowest Levels Since June 2016: RICS
Arslan Butt • 1 min read
According to the latest survey by RICS, new sales instructions in Britain declined at the fastest rate since June 2016 over rising Brexit uncertainties. New buyer inquiries had also declined to the lowest level since April while sales fell to the lowest level since February during this same period.
RICS’s headline house price index rose to -2 in September from -4 in August, touching a three–month high. The figure also beat economists’ expectations which were for a reading of -7. According to RICS, the figure reflects a stagnation in national house price inflation as consumers avoid making important purchase and sell decisions on houses unless further clarity on Brexit emerges.
The survey also reveals that members expect house prices to decline further over the next three months and then strengthening again next year after Brexit is completed. The survey findings align with Halifax’s recent data release that reveals an average house price inflation of 1.1% till September this year. According to Halifax, this has been the weakest rise in house prices seen in over six years.