RICS: 'Brexit will hit housing market in 2019'
According to recent research, Brexit could hit the UK’s housing market early next year.
The latest report comes from the Royal Institution of Chartered Surveyors (RICS), predicting that the number of homes being sold - along with their prices - will fall over the next three months.
Apparently, homes are already taking, on average, four months to sell - which is the longest waiting period since 2016 when records started.
Simon Rubinsohn, RICS’ chief economist, said: “It is evident from the feedback to the latest RICS survey that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market.
“Indeed, I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.”
RICS has also hinted that housebuilding itself could be reduced across the country due to Brexit. The November survey has suggested that property surveyors are a lot more pessimistic about the market’s climate.
Simon added: “The bigger risk is that this now spills over into development plans making it even harder to secure the uplift in the building pipeline to address the housing crisis.”
Housing prices could potentially fall by 30 per cent if there is to be a ‘no deal’ Brexit, too.