House Prices in Britain Continue to Weaken Over Brexit and Political Uncertainties
Arslan Butt • 1 min read
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.”