UK house prices - RICS House Price Balance for September: -2 (expected +1)

Author: Eamonn Sheridan | Category: News

RICS is Royal Institution of Chartered Surveyors

This does not tend to move GBP too much, but with not much ealse going on, here is some more detail via Reuters  
  • most downbeat about house prices since the Brexit vote in 2016
  • Royal Institution of Chartered Surveyors (RICS) said its headline house price balance fell to a four-month low of -2 in September, below all forecasts in a Reuters poll. 
  • The outlook for prices in three and 12 months' time was the lowest since June 2016
  • "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," RICS Chief Economist Simon Rubinsohn said. 
  • headline figure masks big regional variations. Prices are falling in London, which saw the biggest rises before the Brexit vote. The city is vulnerable to Brexit worries among foreign investors and any barriers to financial services trade. By contrast, RICS said prices continued to rise in most of the United Kingdom outside London and neighbouring areas. Sales were slow almost everywhere, however. 
House Price Balance measures the percentage of surveyors reporting a house price increase in their designated area.
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