Brexit vote cools new buyer inquiries – RICS

New inquiries are down according for the majority of Surveyors with a net balance of 36 saying inquiries have dropped.

Southern regions saw the biggest drop with that number rising to 58%. Anecdotal evidence has put it down to an increase in uncertainty caused by the EU referendum, according to RICS.

Supply has also fallen, with 45% of surveyors reporting a decrease in properties for sale, a fall even greater than the 31% reported in May.

A net balance of 35% of surveyors have also reported a fall in transactions relative to May as well.

Search Acumen said: “The significant decline of supply and demand across the UK in June highlights the continuous uncertainty which has stemmed from the EU referendum as buyer confidence appears to have been eroded. In the wake of this, it is not a surprise to see that buyer enquires have fallen for a third consecutive month, as agreed sale figures fall sharply.

“The tumultuous political and economic landscape we have seen over the past weeks is hopefully coming to its end – the financial markets have begun to absorb the shock whilst Theresa May’s ‘Brexit government’ takes office.

“Despite forecasts expecting agreed sales activity to remain subdued, the undertones from business and government in the near future will be stability, as all industries begin to prepare for an EU exit. Today’s expected interest rate cut will also help prop up the residential market with a further increase in the availability of cheaper mortgages.”

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