The Royal Institution of Chartered Surveyors (Rics) predicts a drop in house prices over the next three months, which will be the first decline in the UK property market in over six years.
It cites the upcoming EU referendum and the uncertainty that that will entail, as well as the cooling off of purchases following the stamp duty changes in April, as possible reasons for the decline.
A survey carried out by Rics reports that prices are already starting to fall in London. The most likely affected regions will be London and East Anglia, closely followed by the South East, South West and Yorkshire and Humberside.
The survey also suggests that the number of properties being put onto the market is at a record low.
The fall is likely to be short-lived, suggests Rics, and will return to expected levels after the referendum and implications of the stamp duty changes settle. Simon Rubinsohn, Rics' chief economist, comments that this is no saving grace for young people looking to get onto the housing market, as this predicted decline will not herald the emergence of a more affordable market generally.
Rics predicts that house prices in Scotland, Wales, Northern Ireland, the North and the Midlands will rise in contrast to the rest of the country.
As with most statistics/predictions they do not always reflect a true picture of current trends. We are pleased to report our Residential Conveyancing Department is still seeing a great deal of activity across Essex, East London and beyond. If you are thinking of buying/selling or both and would like to have a full breakdown of all known Conveyancing Legal Fees please contact our New Business Team who will be more than happy to help you. Please call 01245 343980 or newbusiness@gepp.co.uk
The above is not legal advice; it is intended to provide information of general interest about current legal issues.
