According to a report from the Royal Institution of Chartered Surveyors (RICS), it is predicted that the number of houses being sold will fall as we step into the new year. House prices are also expected to fall within the first few months of 2019 before rising by around 1% after that.
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This prediction is based on the fact that fewer people are wanting to sell or move house due to uncertainty over the outcome of Brexit.
The average length of time it takes for a property to sell is currently 4 months which is the longest recorded period since 2016. However, many properties are on the market for a lot longer, with some reported as remaining unsold for 6 months or longer.
RICS’ chief economist, Simon Rubinsohn said, “It is evident from the feedback to the latest RICS survey that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market.”
“Indeed, I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.”
Many surveyors are pessimistic about the housing market at the moment. In the case of a no-deal outcome to Brexit, it is suggested that house prices could fall by as much as 30%. This is, however, dependent on where you live in the UK.
Surveyors in the North of England and Northern Ireland are less pessimistic than elsewhere, actually stating that they expected prices to rise over the coming months.
Until a Brexit deal is secure, things are going to remain uncertain as we move into the first quarter of 2019.
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