Property buyer enquiries down according to RICS

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The proportion of surveyors reporting a drop in new homebuyer enquiries has risen to its highest level since 2008, amid Brexit uncertainty.

The Royal Institution of Chartered Surveyors (RICS) has published figures indicating weakening buyer sentiment in June.

The poll of 326 surveyors, carried out after the 23 June result, shows a net balance of 36% more surveyors reporting new enquiries had fallen rather than increased in the month of June. The figure is the highest negative net balance since 2008. London saw the largest fall in buyer interest, with 58% more surveyors reporting a fall rather than increase in enquiries.

RICS, in its monthly UK residential market survey, said: “Anecdotal evidence suggests that uncertainty relating to the EU referendum result was the primary driver of the slump.”

Simon Rubinsohn, chief economist at RICS, cautioned however that even without the build-up to the referendum and the vote for Brexit, enquiry numbers are likely to have dipped in June due to the rush earlier in the year from buy-to-let investors purchasing homes before tax changes came into effect at the beginning of April.

He said: “Our data does suggest that the dip in activity will persist over the coming months, but the critical influence looking further ahead is how the economy performs in the wake of the uncertainty triggered by the vote to leave.”

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Written by: Houseladder