The UK property market is likely to continue to be hit by Brexit uncertainty, a study has warned.
The latest report from the Royal Institute of Chartered Surveyors (RICS) predicts that both prices and the number of homes sold will continue to decline in the coming months.
Demand fell again in the same month as economic uncertainty surrounding Brexit deterred buyers, reducing the number of people looking for a home.
Simon Rubinson, chief economist at Rix, said: “It is clear that the continued uncertainty surrounding the development of the Brexit process is hurting the housing market. I can’t remember what happened.
“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
London property in particular has been hardest hit by Brexit uncertainty, with house prices continuing to stagnate across the capital.
Estate agent Foxtons closed six branches in London last month, citing a “tough market”.
Prime Minister Theresa May has postponed a parliamentary vote on her Brexit plan until January, and the uncertainty surrounding Brexit looks set to continue for longer.
