As the summer ends and we all hunker down in readiness for the forthcoming bleak winter, the Royal Institution of Chartered Surveyors (RICS) have a somewhat brighter forecast than we might otherwise have expected.
If you noticed a drop in sales or a hardening in the property market following the Referendum it seems you were not alone. Statics gathered by the RICS showed a drop in sales after June's vote although they are reporting the market is now stabilising. Not only that they are also forecasting an increase in house prices by some 3.3% a year over the next five years. When an organisation as respected as the RICS, whose Residential Market survey is used by the Government and the Bank of England, report such positive findings, then we should all take heart.
Property sales in the aftermath of the referendum dropped sharply, but had now stabilised, the Royal Institution of Chartered Surveyors (Rics) said. Its members predict that house prices will increase by 3.3% a year on average for the next five years. A shortage of homes on the market was holding up prices, Rics said.