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Resilient UK housing market following post-EU referendum

According to the latest RICS news report, the UK residential markets have settled since the vote to leave the EU and the UK truly understand what post-Brexit looks like to family and business lives.

As most expected, property transactions dropped off after the vote and the aftermath of the referendum became clear, however, RICS also predicts that house prices will increase by 3.3% a year on average for the coming five years.

The general feeling and pattern their members are predicting are whilst buyer inquiries dip again, we had the usual prolonged Summer period with its modest drop but expectations are more positive and sales expectations are beginning to edge upwards again.

Surveyors who were asked stated that a high level of sales are expected in the coming months and this is since February and house prices will follow upwards due to the available number of properties on the market and match supply. 

Written by Christopher Humphrey, Associate, Macdonald & Company

You can connect with Christopher on LinkedIn by clicking here.