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Gloucestershire Business News

Housing market hit by political turmoil

The growth in house prices has fallen to its lowest level since the Brexit vote and the current political uncertainty has been blamed.

A survey by the Royal Institution of Chartered Surveyors (RICS) found that the average number of properties on surveyors' books slipping to a record low since figures began in 1978, it was reported on Sky News.

Some seven per cent of firms who took part in the survey across the UK saw a rise rather than fall in prices in June, down from a balance of 17 per cent in May and the lowest reading since a year ago.

Levels of transactions were down for the fourth month because of the lack of housing stock and caution from buyers over recent months.

The RICS survey said 44 per cent highlighted political uncertainty as the main factor for the state of the market, with 27 per cent blaming Brexit.

Picture: Pixabay

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