For the first time in four years, UK house prices have become flat. The Royal Institution of Charter Surveyors predict prices will continue to gradually fall over the next three months, but rise over the next year. Prices also fell in eastern and northeast England. However, Wales, Northern Ireland, and northwest England have had much better results. As for the future, it’s uncertain, but RICS says there is little interest from buyers since the government collected property purchase tax from first-time buyers.
Key Takeaways:
- British housing prices were flat over the quarter, the first time in four years.
- The flatness isn’t true everywhere, but the heavily populate south and London are driving that trend.
- Brexit concerns are more than likely adding to these pricing changes.
“RICS members expect prices to fall over the next three months”