Problems in the London property market

Every word in Brexit negotiations in London continues to find its price in the market immediately. Without an agreement, the issue of a separation between the UK and the EU will not be good at all.

The UK real estate market, which has been able to stay within certain dynamics and maintain certain levels even though it has problems over time, is now experiencing difficulties.

The number of real estate agents in real estate listings fell to record low levels in September. The Telegraph reported that this shows that the housing market is slowing and people are less willing to sell their homes.

The figures obtained from the real estate market survey by ICS also showed that prices remained nationally stable.

Realtors estimate that in the next twelve months, fewer houses will be sold as new buyers fall in September. 

Northern Ireland and Wales were the only regions with rising sales volumes in September and each region had only moderate increases.

In Northern Ireland, real estate agents are most optimistic about future expectations, while those in the South East are the most pessimistic.

Demand from new buyers has stopped relatively within four months, and is expected to indicate a new decline in the housing market.

The duration of completion of housing sales increased to approximately 19 weeks. With the slowdown in the housing market as another indicator of stagnation, buyers and sellers remain without options. The buyer complains about the shortage of buyers in the market because the buyer has little alternative.

Most of the respondents said that after the summer holiday, the usual heavy Autumn home sales were almost never experienced this year due to concerns about Brexit. Others complained that housing shortages made it difficult for buyers to find the right property.

The figures in the rental market are more positive. The survey results predict that rents will remain static in the near future and will grow strongly in the medium term.

RICS chief economist Simon Rubinsohn said the following in relation to the issue. There are a number of indicators reflecting the views of participants this month, but uncertainty about Brexit negotiations is at the top of the list.

Surprisingly, in the sales market, in all regions of the country, except Northern Ireland and Wales, there is a significant detrimental effect on the SALES MARKETS.

There is no convincing development that will solve this problem immediately, but will encourage the new entrants to deliver affordable homes to buyers, this is definitely part of the answer.