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. The survey also found that more than half (53 per cent) of those surveyed said they were “very concerned” about their financial situation as a result of Brexit. 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%.