House Prices in Britain Continue to Weaken Over Brexit and Political Uncertainties

The most recent RICS survey reveals that house prices in Britain have continued to weaken into October on account of rising Brexit uncertainties. The RICS house price index slid lower to -5 in October from -3 in September, coming in below economists’ expectations which were for a reading of -4.

New house sales continued to decline for the fourth consecutive month in October, although the level of decline was slightly better than in September when they had declined at the fastest pace since the Brexit referendum. Enquiries from new buyers and agreed sales also continued to decline last month.

Political and economic uncertainty have kept both buyers and sellers hesitant from making big moves in the housing market. According to RICS chief economist Simon Rubinson, “Given the upcoming general election next month, it appears unlikely that these trends will pick-up to any meaningful extent over the remainder of this year.”

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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