UK house prices flat ‘n’ falling

Real estate values chart. 3D diagram with home symbol.

It’s bad news for climbing house price fans, I’m afraid – the UK’s property market is at it’s weakest in six years.

According to the Royal Institution of Chartered Surveyors (Rics), prices across half the country are stalled or tumbling, which is clearly good news for first-time buyers.

Rics’ latest UK Residential Market Survey reveals that October had ‘the weakest reading since September 2012′ with prices collapsing in London, the south-east, south-west and East Anglia.

Rics’ press release says that ‘the fall in interest from new buyers has led to a more negative trend in house prices,’ and that ‘while the regional picture remains varied, respondents are also doubtful that UK sales momentum will pick-up over the coming months’.

And you’ll never guess what: the falling/stalling prices are being blamed on uncertainty over Brexit! Who would’ve thought it?

Now, imagine if there was a media outlet that had a reputation for celebrating rising house prices and that had also been a passionate cheerleader for Brexit. If such an entity existed, I wonder how it would react to this revelation?

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