Uncertainty resulting from Britain's vote to leave the European Union (EU) brought about a marked drop in housing market activity, according to a survey by the Royal Institution of Chartered Surveyors (RICS).
Agreed housing sales fell sharply, with a further drop predicted in the near term. According to the survey, which used data from June 2016, 26 percent more respondents to the survey anticipated a further drop in sales across the UK over the next three months, the most negative reading for short term expectations since 1998.
House price growth cooled during the month of June. But, London remained the only region where respondents saw prices fall (-46 percent net balance), with this mostly concentrated in central areas. In addition, 27 percent of survey respondents expected to see prices fall rather than rise over the next three months. Looking ahead over the coming year, sales expectations have turned negative for the first time in four years, as 12 percent more survey respondents anticipated prices falling rather than rising.