News | Published August 10 2019

House prices and sales coming to a halt, surveyors say

The Royal Institution of Chartered Surveyors has said that prolonged Brexit uncertainty is coinciding with a slowdown in house prices and sales.

Despite this general outlook, some parts of the UK seem unaffected and are still seeing a rise in the value of properties.

RICS says that parts of the housing market are “pretty much flatlining” with a number of homes valued over £1 million being sold for less than the asking price.

It said that 69 per cent of property professionals reported that sale prices were lower than the original asking price for homes on the market for over £1 million, although asking prices for homes valued at around £500,000 were being sold for closer to the original asking price.

House prices overall are down in London, the South East and East Anglia, but in contrast RICS also said that prices in Scotland, Wales and Northern Ireland are still climbing at a “solid pace”.

Simon Rubinsohn, the chief economist of RICS believes that the nationwide outlook is of very "little comfort for the market".

Across the entirety of the RICS survey, a net nine per cent of surveyors nationwide reported house prices falling.

The survey also showed surveyors expecting sales over the next few months to be flat, with an increasing number of surveyors also expecting a fall in house prices to come with it.

The RICS survey also hinted that a rise in rent prices may come in the next few months. Demand for rental homes was at a two-year high in July 2019 according to RICS’ own estimations, but coincided with a fall in the overall number of properties advertised for rent by landlords.

Rubinsohn said: "The forward-looking metrics on prices and sales seem to be losing momentum as concerns, clearly voiced in the anecdotal feedback about Brexit and political uncertainty, heighten.”

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Authored by

Scott Challinor
Business Editor
August 10 2019

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