RICS the lastest to issue survey results...

Hi there, so the latest in survey results for the UK property market has come from RICS, who survey their members who are property surveyors.  Their results report a mixed bag of findings.  Overall, there is a growing sense that Brexit may not have a drastic effect, and overall it is hard to separate the Stamp Duty effect from the Brexit effect.  Key summary of findings below:

RICs members are reporting the fastest drop in transactions since 2008, but there is little consensus over whether this is caused by the Brexit vote or the aftermath of the Stamp Duty rush.

The RICS residential market survey for July found 34% more respondents reported a fall in transactions for the second month in a row when 45% more reported a decline.

Just 5% more respondents nationally saw a rise rather than fall in prices and 12% more predicted a decline in the next three months. In London the net balance of those seeing a rise in prices was minus 33%.

The results showed a fourth consecutive month of falling demand with a net balance of -27% seeing a drop, while 33% more respondents to the survey have seen a fall in new instructions.
Some members felt that after an initial Brexit vote wobble, activity has returned to normal.

Over a longer 12-month period 13% more anticipated sales growth and house prices were expected to rise close to 3% a year over five years.

RICS chief economist, said: “The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance. Against this backdrop, it is not altogether surprising that near-term activity measures remain relatively flat.

“However, the rebound in the key 12-month indicators in the July survey suggest that confidence remains more resilient than might have been anticipated.”