Home Property Surveys 8 Year Low

New Home Seekers 8 Year Low.

The Royal Institute of Chartered Surveyors (RICS) has published figures that suggest that the number of enquiries they are receiving for surveys when people buy a property has fallen by 22%.  This is the largest fall since the credit crunch low of 2008.

Comment

We have seen some impact with the increase in stamp duty with a 3% additional levy for second homes, but this fall we suggest is due  to economic uncertainty.  Unemployment is up, the EU Referendum is understandably creating uncertainty as the result is unknown and could be close.

That said, summer is traditionally a more active time.  Sit tight.  The population of UK is set to expand by another 10 million people in the next 10-15 years.  In the words of Mark Twain: “Buy land, they are not making anymore”.