Property prices in the UK may never be as attractive for foreign buyers as they are now.
Brexit uncertainty has hammered the market and pushed confidence and prices down – plus the declining value of the British Pound against stronger currencies makes homes cheaper.
The data comes from the auspicious Royal Institution of Chartered Surveyors, one of the leading trading bodies for estate agents and property professionals.
RICS revealed demand and supply of homes as well as prices have all hit the lowest level for several years.
The organisation runs a sentiment survey among property professionals that asks for their opinions on the current state of the market.
No respite in view
RICS says the number of buyers seeking a home is down (-21%), together with the number of properties available to view (-24%) – which fell for the fifth month in a row and hit the fastest rate of decline in 28 months.
The falling market leaves the average estate agent with 42.1 homes for sale.
The lack of supply and demand has hit the number of sales (-15%).
And most property professionals fail to see any change in the market in the short term, with falling prices across the country.
RICS also flagged problems in the lettings market as fewer homes to rent are available for potential tenants, which is expected to ‘modestly’ push up rents over the next 12 months.
Brexit batters property market
Simon Rubinsohn, RICS Chief Economist, 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.
“Caution is visible among both buyers and vendors and where deals are being done, they are taking longer to get over the line. Significantly the forward-looking indicators reflect the suspicion that the political machinations are unlikely to be resolved anytime soon.
“The bigger risk is that this now spills over into development plans making it even harder to secure the uplift in the building pipeline to address the housing crisis.”