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Confidence in property market returning after ‘Brexit wobble’ as estate agents report rising prices

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The growth in UK house prices touched the lowest in three years in July, according to the latest survey of estate agents.

However, there are signs of confidence returning after a ‘wobble’ stemming from the vote to leave the European Union.

According to the Royal Institution of Chartered Surveyors report, a total of 5 per cent more estate agents reported house prices rising instead of falling last month.

But the RICS report also found property sales continued to drop sharply across the country, with a net balance of 34 per cent of agents reporting a fall instead of an increase.

This was similar to June, when the decline in sales was the fastest seen since the 2008, at the height of the credit crisis.

It is also a continuation of a trend that began back in April following the introduction of the tax surcharge of 3 per cent on investment properties.

However, RICS said there were a wide range of views among agents with some suggesting that activity had ‘picked up after an initial wobble’, while others cite the Brexit vote as having only a ‘modest or negligible impact’.

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Paul

The author Paul