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Commercial Finance

Good news from RICS for the post Brexit property market

Only 75 days after the result of the referendum was announced, RICS (The Royal Institute of Chartered Surveyors) revealed that activity in the UK housing market had "settled down” and stabilised.

This is great news for anyone with dealings in property, be it homeowners, landlords, auction houses or property developers.

The world's leading professional body for standards in land, property, infrastructure and construction, went even further in its forecasting to say both sales and prices are expected to rise in the coming months.

Confidence in the UK housing market appears to be back already, with the industry body claiming that, for the first time since April, its surveyor members were expecting house prices to increase over the next three months.

For those looking long-term, the expectations are even better, with RICS members predicting that house prices will increase 3.3 per cent a year for the next five years. The figures echo the Nationwide House Price Index for August that found the average price of a home had risen by 0.6 per cent in that month alone.

Here at Together, our own recent research found that the majority of people do still have confidence in the value of their property, despite Brexit, with only a quarter of those surveyed concerned that property prices could fall.

To see such positive forecasts so soon after the referendum is a great boost to confidence in the market, and that’s good news for everyone.

Find out more about our mortgages.