The price of houses and sales will likely continue to rise in the aftermath of the Brexit vote, with prices predicted to go up by 3.3% a year over the next five years, per the latest poll of surveyors.
The Royal Institution of Chartered Surveyors (RICS) found that a higher proportion of surveyors expected sales to rise in the next three months than at any time since February.
Simon Rubinsohn, chief economist at RICS, says:
“There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum.
“Buyer enquiries did dip again in August but only modestly and, more significantly, sales expectations are beginning to edge upwards once again. It is likely the swift response from the Bank of England, both in terms of the lowering of the capital buffer and the cut in interest rates, has played a role in helping to support confidence.”
The poll suggests that both prices and sales are set to rise over both the next three months and 12 months as market activity becomes more stable.