UK RICS house price balance dropped to -10 in October, down from -2. That’s also the weakest reading since September 2012. RICS noted that “The weaker trend in prices is being driven by the lack of demand from new buyers, which is in part a result of heightened political uncertainty, ongoing affordability pressures, a modest upward move in interest rates and a lack of fresh stock coming onto the market.”
RICS Chief Economist Simon Rubinsohn also noted that “uncertainty about the economic outlook on the back of the never-ending Brexit negotiations appears a key drag on sentiment according to respondents to the survey.”
