Daily Management Review

Brexit concerns put pressure on UK property market


12/17/2018


According to leading companies, prices fell to a 6-year low.



David Holt
David Holt
Surveys conducted among the largest real estate companies in the UK shows the strongest decline in real estate prices over the past 6 years. According to Rightmove agency, by December, prices had been falling for 2 months in a row, registering the sharpest drop since 2012. According to Acadata, actual prices grew at the slowest pace in 6 years by November. Average housing prices rose by only 0.9% to £ 305,522 ($ 384,000) compared with November 2017. This is the minimum growth rate since April 2012.

“In general, the market is not moving anywhere because of this remaining uncertainty caused by Brexit,” said Peter Williams, Acadata chairman and John Tyndale, a housing analyst, in a joint statement. "We are about to enter the seasonal lull caused by Christmas and the New Year, so we certainly should not expect a big bounce," experts add.

According to Rightmove, real estate prices put up for sale fell by 3.2% over the past two months, rolling back asking prices by an average of almost £ 10,000 compared to October. In London, this month, the market entered 19% fewer facilities than a year earlier.

Earlier it was reported that the Royal Society of Certified Real Estate Professionals (RICS) published similar data, whose index dropped to a minimum of 2012.

The RICS notes that the uncertainty about how the UK will leave the EU - with a deal or without - leads to the fact that buyers postpone the deal in anticipation that there will be at least some understanding of how events will develop.

source: theguardian.com






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