Brexit casts shadow over UK housing market outlook – RICS

The Royal Institution of Chartered Surveyors (RICS), a closely watched industry survey, showed on Thursday, looming Brexit uncertainty is likely to weigh negative on the UK house prices and property sales over the next three months.

Key Findings:

“RICS said its headline price balance for August rose to -4 from -9 in July, bucking economists’ average expectation in a Reuters poll for a further decline to -11.

But RICS members’ outlook for the next three months - during which period Britain is scheduled to leave the European Union - grew darker.

Sales volumes expectations for the next three months dropped to -23 from -4, while short-term expectations for prices declined to -24 from -13.

RICS also noted continued strong demand from tenants at the national level, combined with fewer landlords listing property to rent.”