Construction UK Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
14/07/2016

Brexit Uncertainty Fuels Decline In Housing Market

Construction News Image
New figures have revealed the UK housing market has declined steeply in June after uncertainty fuelled by Brexit.

According to the latest RICS UK Residential Market Survey, buyer enquiries fell for a third consecutive month to their lowest reading since mid-2008.

With 36% more respondents reporting a fall in interest, there was a further decline in the number of properties coming available for sale across the country, with Northern Ireland being the exception.

Overall, 45% more chartered surveyors saw a fall in new houses in June, from a net balance of -31% in May.

With June also seeing a decline in sales, respondents expect this trend to continue with 26% forecasting a further drop over the next three months.

-- Advertisement --
hss

The data has resulted in sales expectations over the next 12 months turning negative for the first time in four years. With 12% more respondents expecting transactions to fall rather than rise, a dip in prices is only anticipated to persist in London and East Anglia.

Simon Rubinsohn, RICS chief economist, said: "Big events such as elections typically do unsettle markets so it is no surprise that the EU referendum has been associated with a downturn in activity.

"However, even without the build up to the vote and subsequent decision in favour of Brexit, it is likely that the housing numbers would have slowed during the second quarter of the year, following the rush in many parts of the country from buy to let investors to secure purchases ahead of the tax changes," 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."

(LM/MH)

Latest Construction News

25/11/2024

Estilo Interiors has been selected to help Bruntwood SciTech as they invest a further £2.4 million into Birmingham as part of a plan to transform its Mclaren innovation hub. The project, located less than five minutes' walk from the future HS2 Curzon Street Station, will involve the building ...
25/11/2024

Cambridge Investment Partnership (CIP) has reached a significant milestone at Aylesborough Close in Arbury, with the completion of a topping-out ceremony. CIP board members, ward councillors, One Public Estate, Homes England and the CIP team gathered to lay the final brick at the highest point of ...
25/11/2024

Lovell has appointed Nicola Colley as head of land in the West Midlands, boosting the business' expertise in land opportunities. Having previously worked at Lovell for 12 years, Nicola has returned to a brand-new role at the national housebuilder, bringing with her experience from Taylor Wimpey ...
25/11/2024

Stepnell has commenced enabling works for a significant £9 million refurbishment of the Grade II listed Town Hall in Hugh Town, located on St Mary's in the Isles of Scilly. Spearheaded by the Council of the Isles of Scilly in partnership with Scilly Arts & Heritage, the project marks a pivotal ...
25/11/2024

Morgan Sindall Construction has successfully completed the restoration of West Bromwich Town Hall and Library, restoring the significant building to its former glory for the community to enjoy. Prior to the project's handover, Morgan Sindall gave a presentation to the SMBC Members and Town ...
25/11/2024

Persimmon Homes Severn Valley has donated 10,000 bricks to AccXel, the Construction Skills Accelerator Centre in Cinderford. The contribution will enable students at the Gloucestershire-based facility to gain hands-on experience and develop essential skills for the construction industry. The ...
25/11/2024

Nearly a year after work began, significant progress is being made at Huddersfield station as part of the Transpennine Route Upgrade (TRU). This transformative project aims to modernise the key northern transport hub while preserving its rich heritage as a Grade I listed building. One of the ...
25/11/2024

Renovating a property can be a challenging and complex process, especially when integrating new and existing building elements. At R Elliott Associates Ltd, we specialise in helping clients navigate these challenges by providing expert planning, design, and support to pre-empt any potential ...
25/11/2024

Northumbrian Water has announced a significant investment of £3.5 million at its Great Ayton Sewage Treatment Works (STW) to enhance its capacity to manage stormwater. The project involves the installation of a new storm tank capable of holding up to 317 cubic meters of combined rainwater and ...
25/11/2024

Balfour Beatty Flannery, a partnership between Balfour Beatty and Flannery Plant Hire, has trained its 1,000th student at its Operator Skills Hub. With over 250,000 additional workers needed in the construction industry by 2028, Balfour Beatty Flannery's Operator Skills Hub is key in addressing ...
Efco UK LtdBRICOFLOR UKAqua Direct LtdStuart CanvasLakeside HireT & D Glazing And Installation LimitedThink Construction Skills Ltd.CP Cases LtdModel Signage SolutionsCroxfords
Terms and Conditions
2024/11/26 11:45:55