New instructions across the UK reached its weakest in three years and buyer enquiries have fallen as uncertainty, as a result of Brexit, deters house purchases, according to a report from the Royal Institution of Chartered Surveyors (RICS) but it still expects prices to rise at a national level over the next year.
During the month of September, following three consecutive months of a stable trend, reports stated that there was a decline in home listings coming on to the market. Comments from analysts suggest that the uncertainty of a Brexit deal is dissuading vendors. New instructions fell to -30% in September, the lowest reading since June 2016.
As well as this, a more cautious approach from buyers is evident in the September results. New buyer enquiries fell to -15% after holding steady for 4 months consecutively. As a result of this, newly agreed sales fell, from -11% previously, to -27%.
Looking ahead, for the upcoming three months there is an expected stand at -16% which shows a decline in the UK market. On the other hand, the 12 month outlook points to an increase up to 18%, with respondents expecting prices to rise over the coming year.