UK property prices are at their lowest since 2012, and Brexit fears will continue to haunt the market into 2019, according to a report by the Royal Institution of Chartered Surveyors (Rics).
The number of homes being bought and sold will continue to decline over the next three years, while homes for sale will take longer to sell, according to the report.
House prices have fallen throughout the year across the UK, particularly in London and the South East.
Simon Rubinsohn, chief economist at RICS, said: “Feedback to the latest RICS survey shows that continued uncertainty surrounding the development of the Brexit process is hitting the housing market. ” he said.
“I cannot recall a previous study in which an issue was addressed by so many contributors.”
“Both buyers and sellers are wary, and where transactions are taking place, it is taking time to cross the line. Forward-looking indicators suggest that political intrigue is unlikely to be resolved soon. It reflects the suspicion that there is no
“The bigger risk is that this spills over into development plans, making it even harder to secure an increase in the construction pipeline to tackle the housing crisis,” he added.
Bank of England Governor Mark Carney said earlier this month that UK house prices could fall by 30% in the event of a no-deal Brexit.
House prices have fallen and remained flat in some parts of the UK, while prices are rising in Northern Ireland, Scotland, the West Midlands, Wales and Yorkshire.
The number of newly listed properties decreased for the fifth consecutive month.
Mark Duckworth of Martin & Mortimer in Ely said: “The impact of Brexit can best be described as a cold, wet blanket on property appetite.”
