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.


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)