Category: Brexit (1)

According to the Royal Institution of Chartered Surveyors (RICS), the UK housing market looks set for a slowdown in the run-up to June’s referendum on EU membership, according to surveyors. Price growth for the next three months is expected to fall to its slowest place in almost a year but RICS’ members still saw strong underlying upward pressure on the housing market.
Shares in FTSE 100 house builders fell, including a 6% drop for Charles Church owner Persimmon, despite a trading update showing forward sales up 8% to £2.15bn for the year-to-date. Berkeley, Barratt and Taylor Wimpey shares were also lower.
Meanwhile the effect of a rush to beat a 1 April stamp duty increase for buy-to-let investors has also now ended, taking some of the heat out of the market. As expected, the buy-to-let rush has now run its course, and as a natural result, the market is starting to slow.
RICS’s index for price increases for the next three months was +17 in March from +21 in February, its lowest since April 2015 – a month before last year’s General Election. Its monthly house price balance fell to a nine-month low of +42 from +50, below economists’ forecasts.
However, the survey said that over the longer term prices are still expected to rise by more than 4% a year for the next five years across England and Wales, as demand in the housing market continues to outweigh supply.

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