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Britain’s house price growth hits three-year low after Brexit

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Britain’s house price growth hits three-year low after Brexit

In July 2016, house prices growth fell to a three-year low in Britain, following the results of the UK referendum on leaving the European Union, The Independent reports on Thursday, referring to a survey of the Royal Institution of Chartered Surveyors.

Uncertainty caused by Brexit prompted decrease in number of buyers inquiries and agreed sales. Just 5% more of those surveyed recorded an increase in house prices rather than a fall, down from 15% the previous month.

Moreover, the fastest drop in property sales has been recorded since the financial crisis in 2008.

According to surveyors, the prices will grow 3 – 4% in the UK over the next 5 years.

Over the next five years, surveyors have forecast prices will rise 4 per cent per year in London, and 3 per cent across the UK.

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