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Brexit uncertainty freezing housing market in East, say surveyors

The housing market has continued to slow, say surveyors, as uncertainty grips house-hunters. 
Picture: ANTONY KELLY

The housing market has continued to slow, say surveyors, as uncertainty grips house-hunters. Picture: ANTONY KELLY

Archant Norfolk 2018

Uncertainty over Brexit is prompting home buyers and sellers to sit tight in increasing numbers, with fewer people interested in moving and properties now typically taking around four months to sell, according to surveyors.

The number of people looking for a new home in the East of England fell in November, with a net balance of 19% of surveyors reporting house hunter numbers falling rather than rising, the Royal Institution of Chartered Surveyors (Rics) found. In October, the figure was 13% in the opposite direction.

Many comments attributed the drop-off in buyer numbers to Brexit uncertainty as well as a continued limited choice of properties for sale, Rics said.

The regional picture remains varied, with house prices falling most notably in London, South East and East Anglia while house prices in the South West, East Midlands and North East are broadly flat, it added.

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