LONDON (Reuters) – Brexit uncertainty is likely to press down on house prices and the volume of property sales over the next three months, a closely watched industry survey showed on Thursday. The Royal Institution of Chartered Surveyors said its headline price balance for August rose to -4 from -9 in July, bucking economists’ average expectation in a Reuters poll for a further decline to -11. But RICS members’ outlook for the next three months – during which period Britain is scheduled to leave the European Union – grew darker. Sales volumes expectations for the next three months dropped to -23 from -4, while short-term expectations for prices declined to -24 from -13. “It is hard to get away from the shadow being cast over the housing market by the seemingly never-ending Brexit saga. Indeed uncertainty is a theme that respondents continue to highlight as a negative influence on sentiment in survey after survey,” RICS chief economist Simon Rubinsohn said. Although Prime Minister Boris Johnson has vowed to take Britain out of the EU by Oct. 31 – without a transition deal if needed – parliament has ordered him to ask the EU for a delay if he fails to… Read full this story
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