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Whilst Brexit uncertainty rages on, property prices are continuing their time in the spotlight. As prices and demand continue to stagnate, what is next for the UK property market?
According to a recent article by City A.M Brexit uncertainty is “weighing heavily” on the housing market, particularly in London and the South East. In fact, things have got to a point where the house prices could even drop to below market levels over the next 12 months.
The article quotes recent findings from RICS, which has reported a drop in buyer demand for the eighth month in a row. However, whilst figures only point to a “marginally negative” outlook, RICS predicts that sales will continue to dwindle.
London and the South East have been the worst affected, with the average house taking 21.5 weeks to sell – 2.5 weeks more than the national average.
Following the predictions that house prices would fall again in March 2019 following Brexit negotiations, fewer homeowners also put their houses on the market, according to RICS’ research. However, the ongoing uncertainty around Brexit is not going to help recover the market any time soon.
As Brexit remains a drag on the housing market, RICS predict transactions to remain in a decline, however, any fall should be soft as opposed to sudden.
There could also be seasonal trends affecting the best time to sell your property in order to get the best value. We wrote a blog recently about how selling in the summer time could give you a slight boost.
If you would like some further advice relating to buying or selling your own property, contact the Conveyancing team at Downs Solicitors for more information.