trending Market Intelligence /marketintelligence/en/news-insights/trending/9mjkuryyhzztwhumn07bta2 content esgSubNav
In This List

RICS: Surveyors report weakest house price outlook since June 2016

Blog

Banking Essentials Newsletter 2021: December Edition

Blog

Automating Credit Risk Surveillance Using Statistical Models

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade


RICS: Surveyors report weakest house price outlook since June 2016

The Royal Institution of Chartered Surveyors said headline house price balance fell to a four-month low of negative 2% in September, Reuters reported Oct. 11. The outlook for prices for three and 12 months' time was the lowest since June 2016, the report added.

The housing market overall has slowed since the Brexit vote in June 2016. Prices were up 3% on the year compared to an 8% increase at the time of the Brexit vote.

Prices fell in London, which is most vulnerable to Brexit worries among foreign investors and the financial services sector. In contrast, prices continued to rise outside London and the neighboring areas.

New buyer inquiries were the weakest since March, and houses took the longest to sell.

"Uncertainty relating to Brexit negotiations is at the very top of the list followed by references to the confidential remarks made by the Bank of England governor to the cabinet," institution Chief Economist Simon Rubinsohn said.

Bank of England Gov. Mark Carney in September reportedly told ministers that mortgage rates could spiral and house prices fall by 35% over three years in a no-deal Brexit scenario.

The BOE declined to comment on the reported remarks.