The Largest Challenge?
When you repeat a word over and over again it begins to lose all its meaning. I can't help but think 'Brexit' is starting to fall into that category. However, due to the magnitude of the decision that awaits our country; it's important that we don't switch off from what's happening.
77% say Brexit uncertainty is the largest challenge currently facing the market. (RICS Survey) and 8% of respondents say Brexit is having no impact at all.
The demand has fallen for the seventh consecutive month and that pace of decline is said to be accelerating.
Of course, where there is uncertainty – opportunity awaits. Certainly according to Peter Licourinos,
"I said it a few times last year and this year is no different, at the moment it is without doubt the best time to invest in Property in the UK! The best time for years for both income and adding value and long term gain.”
"We are working with investors across residential property, commercial, land and much more, there are opportunities everywhere!"
The survey shows that the most negative feedback continues to come from London, and the South East, as well as East Anglia and the South West of England.
Despite this most surveyors expect price growth this year in almost every region of the UK except for London and the South East.
"My advice to property investors is to get educated. Research, research, research - area and market and work with the very best people in local property and take action before it is too late!"
The Office for Budget Responsibility (OBR) says average prices will drop by 0.3pc in the fourth quarter of 2019. As recently as October it projected growth of 3.2pc for the final three months of this year.
It said growth will return in the second quarter of 2020, to 0.9pc, but will remain well below the previously forecast figure of 3.1pc. It predicts growth will hit 4pc in the final quarter of 2021.