Another day, another house price survey. Today’s research from chartered surveyors predicts that house prices are set to drop for the first time since 2012, as demand for property falls at its fastest rate in eight years.
The Royal Institution of Chartered Surveyors (Rics) says there will be a short-term drop in UK house prices over the next three month. Surveyors expecting prices to drop outnumbered those expecting prices to rise by a majority of 10 per cent.
However, Rics said the fall was likely to be short-lived. It cited the EU referendum, and a cooling of the market following stamp duty changes in April. ‘What we are looking at is a short term drop caused by the uncertainty resulting from the forthcoming EU referendum, coupled by a slow-down following the rush to get into the market ahead of the tax change on the purchase of investment properties,’ said Simon Rubinsohn, Rics chief economist.According to new research by a broker intermediary organisation, over half of house-hunting Britons end up parting with more money than they intended to.
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