Has Brexit killed the property market?
AR Removals offers a reasonably priced bespoke removal service for house moves throughout Wakefield and surrounding areas. House moves are our business, so we keep a close eye on the local, and national housing market, and a recent report by the Royal Institute of Chartered Surveyors makes interesting reading.
The Rics report paints their gloomiest picture of the UK housing market for the last 5 years, with only one or two more optimistic results in the north. Rics explains that, according to figures submitted by Rics surveyors, numbers of new instructions from property sellers fell for the seventh consecutive month in March, while demand from buyers fell for the 12th month in a row.
Rics measures confidence in the property market using the rise or fall in property prices from figures provided by Rics surveyors. These showed no change in house prices for the UK as a whole, but regional variations were evident. In particular, Halifax experienced price increases, along with Northern Ireland, Wales, and the East Midlands. Prices in London showed a net balance of -47%, with similar results throughout the South East, resulting in a nationwide price balance of zero.
Similar variation has been seen in the rental market, with no appreciable rise in rents following recent increases in taxation on landlords. Wolverhampton continues to see a strong rental market, with competition among renters for properties, whereas Surrey noted fewer people looking to rent, leading to falling rental prices.
Surveyors in the south of England cited uncertainty over the effects of Brexit, and the recent change in stamp duty, as likely causes for the poor housing market.
With fewer house moves nationally, there is a resultant decline in goods and services associated with house moves, and this is expected to further depress the UK economy. Simon Rubinsohn, chief economist for Rics, was pessimistic about the likelihood of imminent change in the property market, and Rics speculates that the fall in property prices may influence the Bank of England to delay rises in interest rates, which were expected for May.
Despite these pessimistic figures, AR Removals continues to provide a first class, tailored removal service for Wakefield house moves. To discuss your impending house move in Wakefield or the surrounding areas, contact your local removals experts at AR Removals.