Drop in interest from new buyers in October according to RICS
Latest RICS UK Residential Market Survey – October 2018 headlines ‘Prices, demand and supply all in decline as Brexit uncertainty persists’.
In October, the fall in interest from new buyers has led to a more negative trend in house prices, according to the latest RICS UK Residential Market Survey.
The report states: In October, the fall in interest from new buyers has led to a more negative trend in house prices, according to the latest RICS UK Residential Market Survey. While the regional picture remains varied, respondents are also doubtful that UK sales momentum will pick-up over the coming months.
Simon Rubinsohn, Chief Economist, RICS said:
“Although the tone of much of the newsflow surrounding the housing market remains downbeat, this continues to disproportionately reflect developments in the south and east of England with the picture remaining rather more resilient in many other parts of the country. Uncertainty about the economic outlook on the back of the never-ending Brexit negotiations appears a key drag on sentiment according to respondents to the survey.
“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.”
Read the latest RICS UK Residential Market Survey – October 2018 in full click here.