The UK property market is likely to be hit by continued Brexit uncertainty, a survey has warned.
The latest report conducted by the Royal Institution of Chartered Surveyors (RICS) predicts that both prices and the number of houses being sold will continue to decline in the coming months.
Demand fell again for the month, with numbers of people looking for homes down, with economic uncertainty relating to Brexit deterring buyers.
Simon Rubinsohn, Rics’ chief economist, said: “It is… evident that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market. I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.
“Caution is visible among both buyers and vendors and where deals are being done they are taking longer to get over the line. The forward-looking indicators reflect the suspicion that the political machinations are unlikely to be resolved anytime soon.”
In particular, property in London has proved the most affected by Brexit uncertainty, with house prices continuing to stagnate across the capital.
Last month, Estate Agent Foxtons closed six of its branches in London, citing a “challenging market”.
Brexit uncertainty only seems set to prolong further, with Prime Minister Theresa May delaying the parliamentary vote on her Brexit plan till January.
