Property Confidence 20 Year Low

Members of the Royal Institution of Chartered Surveyors (RICS) believe property sales will fall in the next 3 months and uncertainty over Brexit is being blamed.

Brexit concerns have created a shortage in properties on the market, as people are nervous to sell as well as affordability still being an issue when it comes to making the important decision to buy, sell or move.

Those RICS members surveyed also reported a drop in house prices in December due to a fall in new buyers over the last five months combined with the already mentioned lack of properties coming on the market.

House prices dropped 0.1% month-on-month with the average price £230,630 in October although estate agents are a little more confident in their expected sales for 12 months’ time.

Whilst RICS chief economist Simon Rubinsohn suggests there will be a decline in New Builds and to get anywhere near government building targets,  the Government will need advice from other building firm delivery channels as well as greater local authority cooperation.