RICs shows political inspired Groundhog Day for UK property market

According to the latest survey from the RICS, 16% of members saw a decline in buyer interest over an increase this month while newly agreed sales are also down as reported by -19% of members. The number of homes coming onto the market has also declined for the fourth consecutive month and this decline has been noted across every region.

This further slow in the market is being attributed to political anxiety ahead of next month’s election.

Please find below comment from Marc von Grundherr, director of lettings and estate agent, Benham and Reeves.

Director of Benham and Reeves, Marc von Grundherr, commented:

“The UK property market remains stuck in a politically inspired Groundhog Day and we continue to see the same market trends that have persisted for quite some time, and will no doubt continue to persist until the end of the year at the very least.

While market performance has been poor at a top-level, it remains steady enough and we’re yet to see any notable or immediate decline. Price growth has plateaued although there remains a consistent level of transactions. As always there is a regional swing and some areas remain buoyant while others freeze over.

Of course, buyers and sellers will now sit tight until the dust has settled on next month’s election and this will ensure that the story that we’ve heard time and time again will be told some more until we ring in the New Year. At which point we cross our fingers and hope to turn a new page so that we have something else to talk about.”