Brexit uncertainty is driving down confidence in the property market, highlighted by falling property prices in London, widening sales completion windows and a lack of buyers, according to the Royal Institution of Chartered Surveyors (RICS). It now takes 19 weeks to complete a property sale, the longest duration on record. Declining prices are spreading from London across the southeast and the south-east, where surveyors cited Brexit-related uncertainty as a top concern. Sentiments in the property market deteriorated to -2% and buyer inquiries fell down to -11% from previous months, according to RICS measurements. Net balance of appraisals also dropped to -20%.
Brexit uncertainty is driving down confidence in the property market, highlighted by falling property prices in London, widening sales completion windows and a lack of buyers, according to the Royal Institution of Chartered Surveyors (RICS). It now takes 19 weeks to complete a property sale, the longest duration on record. Declining prices are spreading from London across the southeast and East Anglia, where surveyors cited Brexit-related uncertainty as a top concern. Sentiments in the property market deteriorated to -2% and buyer inquiries fell down to -11% from previous months, according to RICS measurements. Net balance of appraisals also dropped to -20%.