British House Prices Decline as Fastest Pace Since April: RICS
Arslan Butt • 1 min read
A recent survey by RICS reveals that house prices in Britain declined at the fastest rate since April over reigning Brexit and political uncertainties. The RICS monthly house price index slid severely to -12 in November from -5 in the previous month.
The house price index decline was driven by a steep fall both in the number of new buyers as well as new sellers. On the positive side, the sale of new homes has not slid any lower while more surveyors expect the housing market to bounce back into 2020 once Brexit gets done.
The housing market in Britain has been under strain ever since the Brexit referendum in 2016. While Brexit uncertainties have weighed on consumers and keeping them away from investing in major purchases like homes, property purchase taxes have also increased, adding more pressure.
According to government data, house prices in Britain have risen by 1.3% YoY in September, a lesser increase than economists’ forecast. Economists had previously expected a rise in house prices by 1.5% YoY.