The Royal Institution of Chartered Surveyors (Rics) have published its findings from its monthly survey of its members and it doesn’t look good for the UK property market. It found “the weakest reading since September 2012” in October, with prices falling in London, the south-east, south-west and East Anglia. They have are also forecasted that prices remain flat nationally over the next 12 months.
In October, prices in London continue on their negative path as buyers wait for Brexit certainty, according to the latest RICS UK Residential Market Survey
Simon Rubinsohn, RICS Chief Economist, commented: “The London numbers remain disappointing with current activity subdued and the forward-looking indicators providing little prospect of an improvement anytime soon. Ongoing uncertainty about what a Brexit deal, or a no-deal outcome, might mean for the capital’s economy is clearly weighing on sentiment at the present time. But it is not the only issue holding back potential purchasers. At the higher end, SDLT remains a key impediment while elsewhere, affordability/ deposit requirements present a greater challenge. Unfortunately, I struggle to see where relief for either of these obstacles likely to come from.
“Meanwhile, the announcement of the extension of Help to Buy, albeit in a narrower format, should continue to underpin the new build market in the near term. Whether it, alongside other measures recently announced including the lifting of the HRA cap, is sufficient to drive housing starts up to the government’s 300,000 target over the coming years remains to be seen.”
