Brexit causes housing market stand-off with buyers and sellers

House buyers and sellers are both holding back as the Brexit talks continues. Statistics for September displayed that the number of sellers putting their homes up for sale is the lowest level since June 2016, the month of EU referendum.

The Royal Institution of Chartered Surveyors (RICS) have said if the ongoing Brexit talks do not reach a resolution soon there might be a “direct hit” on the housing market. With activity between buyers and sellers falling virtually across all parts of the UK, the RICS have said that the average stock levels on estate agents’ books has decreased to a record low and there is little prospect of them increasing any time soon.

RICS chief economist Simon Rubinsohn said: “There are good reasons for thinking the latest dip in both buyer enquiries and vendor instructions is a response to the endless wrangling about Brexit, as the October 31 deadline approaches. However, unless there is a speedy resolution to the ongoing impasse, it does seem inevitable that the stand-off between purchasers and sellers will deepen, making it harder to complete transactions.”

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