A report from the Royal Institution of Chartered Surveyors (Rics) has shown that the UK property is the weakest since 2012 and Brexit concerns will continue to hit the market into 2019.
According to the report, the number of houses being bought and sold will continue to fall over the next three years whilst the houses on sales are taking longer to sell.
House prices have been falling over the year across the UK, particularly in London and the South East.
“It is evident from the feedback to the latest RICS survey that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market,” said Rics’ chief economist, Simon Rubinsohn.
“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.”
“The bigger risk is that this now spills over into development plans making it even harder to secure the uplift in the building pipeline to address the housing crisis,” he added.
The Bank of England governor, Mark Carney, said earlier this month that in the event of a no-deal Brexit, house prices in the UK could plummet 30%.
Whilst house prices are falling and remaining flat in some parts of the UK, prices in Northern Ireland, Scotland, West Midlands, Wales and Yorkshire have been rising.
The number of new properties that have been listed fell for the fifth month.
Mark Duckworth, from Martin & Mortimer in Ely, said: “The Brexit effect is best described as a cold and wet blanket which is a depressing appetite for property.”
