Property News · December 3, 2016

Home truths: house price rises to slow to trickle as Brexit and stamp duty hit


The London market has lost its shine, experts say, and even regions seeing positive growth could be hit by further political uncertaintyOngoing uncertainty over the manner of the UK’s departure from the EU is likely to weigh down the property market in 2017, say experts, who predict little or no growth in prices amid a slowdown in sales. The Brexit referendum result and government measures to cool the buy-to-let market have hit the property market in 2016, and are expected to keep the lid on house prices next year too.In the immediate aftermath of the Brexit vote, the Royal Institution of Chartered Surveyors reported that large numbers of buyers and sellers had withdrawn from the market. Its most recent report showed the number of homes on estate agents’ books remaining low. Figures from HM Revenue & Customs show transactions surging in March before higher stamp duty rates were imposed on second homes, but these have now fallen to lower than in 2015. In August, for example, 96,720 sales were registered, compared with 104,280 a year earlier. Continue reading…

Source : theguardian.com
Read more…Home truths: house price rises to slow to trickle as Brexit and stamp duty hit

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