Buying a house is a major decision and few people want to commit to such a life changing purchase in times of uncertainty. It’s no surprise therefore that the confusion, fear and downright shock that followed the EU referendum vote to leave has had an effect on sentiment in the housing market.
The latest survey from the Royal Institution of Chartered Surveyors confirmed what we all already suspected – that Brexit uncertainty has had an impact on market activity. New buyer enquiries declined significantly across the UK in June to its lowest reading since the mid-2008. The survey also recorded further decline in sales and many expect this to continue.
Last month also saw a reduction in house price growth. While values are still rising at a national level, they are doing so at a more moderate pace.
However, the extent to which this is a consumer reaction to political upheaval or a sign of things to come in the housing market is still unclear.
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