House prices tumble amid Brexit chaos

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

UK house prices are falling at the fastest rate for six years, the Royal Institution of Chartered Surveyors (Rics) has revealed.

According to Rics, everyone’s favourite massive schism, Brexit, led to agreed sales, new instructions and inquiries all falling in December, while prices fell for the fourth month in a row to -19% from -11% – the lowest reading since August 2012.

And sales expectations for the next three months are the lowest since 1999 when Rics’ survey began.

RICS’ chief economist, Simon Rubinsohn, reckons December’s fall in price expectations was linked to Brexit and its accompanying chaos.

Mr Rubinsohn said: ‘Looking a little further out, there is some comfort provided by the suggestion that transactions nationally should stabilise as some of the fog lifts, but that moment feels a way off for many respondents to the survey.’

 

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