House prices are set to fall over the next three months, as fears over the impact of Brexit saw the number of properties on the UK market fall as its sharpest rate.
In the first significant housing study since the referendum, surveyors across the whole of the UK said they were generally expecting priciest dip in the coming three months, with 27% more surveyors expecting to see prices fall rather than rise in the near term.
But in five years’ time, surveyors still expect house prices to be around 14% higher than they are now.
Simon Rubinsohn, chief economist at RICS, said. “Big events such as elections typically do unsettle markets so it is no surprise that the EU referendum has been associated with a downturn in activity.”
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