UK house prices set to fall next year post-Brexit - Telegraph

Today’s Telegraph newspaper carried an article, noting that the house prices in the UK are expected to fall next year, before rising in 2018, in wake of Brexit fallout on the economy.

Key Quotes:

“In its first post-Brexit forecast, estate agency Countrywide said that house prices will fall 1% across the country in 2017, before rising by 2% in 2018. It added that house prices would rise by just 2.5% this year as the market cools in the second half of 2016.”

“However, Countrywide said that the cooling market was not just down to uncertainty about Brexit. It also highlighted the impact of stamp duty increases on the top end of the market.”

“It added that the chronic lack of supply of homes would continue to keep prices from falling further.”

“Separate data from the Mortgage Advice Bureau showed that fewer homebuyers applied for mortgages in July than in June, as nervous buyers held off making major investments in the wake of the Brexit referendum.”

“The number of purchase applications fell 5.9pc compared with June, representing a sharp turnaround for a market which had been growing strongly.”

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