Election and Brexit putting dampener on housing market in East Anglia, survey suggests

PUBLISHED: 10:09 12 December 2019 | UPDATED: 10:09 12 December 2019

The East Anglian housing market is very subdued, a RICS survey suggests  Picture: ANDREW PARSONS/PA WIRE

The East Anglian housing market is very subdued, a RICS survey suggests Picture: ANDREW PARSONS/PA WIRE

Estate agents expect a “very much subdued” housing market in the East of England to pick up again once the general election has passed.

The Royal Institution of Chartered Surveyors (RICS) residential market survey found buyers and sellers were behaving cautiously, with latest results suggesting persistent economic and political uncertainty is deterring them. Anecdotally, both the general election and Brexit appeared to be stifling activity, it said.

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New buyer enquiries slipped in the region once again, with 9% more respondents recording a decline - a pattern which mirrored other parts of the UK. Newly agreed sales were more or less flat in the east over the month - a pattern stretching back to August 2018, and new instructions also saw little improvement. However, prices and transactions are expected to pick up over the coming year. The survey found prices were falling across London, the south east and East Anglia.

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RICS chief economist Simon Rubinsohn said: "Confidence is critical to a well-functioning housing market and whatever happens in the general election today, it is important that the new government provides reassurance both over the stewardship of the economy and the ongoing challenges around Brexit which continues to highlighted in a disproportionate number of remarks made by respondents to the RICS survey.

"Significantly despite the inevitable near term concerns, the feedback regarding the medium term view of the market remains surprisingly sanguine with the 12 month sales expectations indicator at its best level since the early part of 2017."

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