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Prolonged Brexit uncertainty will damage the UK housing market – RICS

UK house price balance fell to -28 in February, the lowest level since May 2011 and the housing market conditiosn could deteriorate further if the Brexit uncertainty lingers longer.  

The latest results from RICS UK Residential Market Survey show a continued decline in activity across the UK housing market, with new buyer enquiries, agreed sales and instructions all falling. This is the sixth consecutive month all three have fallen together.

Key points (Source: Rics)

77% of respondents cite Brexit uncertainty holding back sales activity

Key activity indicators remain in negative territory during February

Twelve-month sales expectations suggest momentum may recover further out

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