United Kingdom house prices: Ongoing Brexit uncertainty will damage housing market, warns RICS

UK house price forecasts heavily downgraded as Brexit freezes housing market

UK house price forecasts heavily downgraded as Brexit freezes housing market

However, the Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank for February 2019 shows that Northern Ireland still remains in better shape than other United Kingdom regions the United Kingdom - despite 70% citing Brexit uncertainty as the biggest perceived threat to the market.

The results for February 2019 said Northern Ireland still reported the strongest balance across the United Kingdom regions in both categories.

Surveyors reported that buyer demand had fallen for the seventh consecutive month in February, while 41% more respondents reported a fall in the number of new buyer enquiries, and 29% of contributors reported a decline rather than a rise in new instructions over the month.

Of paramount concern among respondents in February was Brexit, with 70 per cent citing the associated uncertainty as the biggest perceived challenging affected the housing market, ahead of a lack of stock and affordability.

"Despite this though, it is encouraging that surveyor feedback suggests a more positive 12-month outlook and indeed the Northern Ireland housing market now appears more resilient than other United Kingdom regions".

United Kingdom house price balance fell to -28 in February, the lowest level since May 2011 and the housing market conditiosn could deteriorate further if the Brexit uncertainty lingers longer.

RICS residential property spokesman in Northern Ireland, Samuel Dickey said Brexit is clearly a factor in the latest survey results. There was a slight downturn reported in the rate of new instructions.

THE north's housing market continues to show signs of a slowdown, with the impending Brexit deadline a major concern, according to a new report.

RICS residential property spokesman Samuel Dickey
RICS residential property spokesman Samuel Dickey

The number of new properties being listed for sale has been dwindling for eight months in a row, Rics said.

Hew Edgar, Rics head of policy (interim), said it was clear from the survey that the "wearisome state of British politics that has arisen from Brexit" is taking its toll on housing.

Annabel Dixon, of Zoopla, comments: "Even though we hear much talk of how "Brexit uncertainty" has an impact on the housing market, people still have an interest - and need - to buy and sell property".

Elsewhere, prices are on a flat trend with no change, surveyors said.

"This environment requires a greater degree of realism from those looking to move", Rubinsohn said.

"UK parliamentarians must recognise that the prolonged uncertainty, without effort to address separate key issues, is damaging confidence in the housing sector".

He added: "A reluctance from some vendors to acknowledge the shift in the balance of power in the market will compound the difficulty in executing transactions".

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