The June 2017 RICS UK Residential Market Survey points to a further deceleration in house price inflation at a headline level although this masks significant regional variations.
At the same time, the more cautious tone of respondents regarding sales activity shows little signs of turning with the net balances for new buyer enquiries, new instructions and agreed sales still stuck in negative territory.
Significantly this is now also being reflected in the twelve month sales expectations indicator where the net balance reading has slipped to its lowest level since the immediate aftermath of the referendum.
At a national level, 44% of contributors identified domestic political uncertainty as the biggest factor explaining the current state of the market.
This compares to 27% who highlighted Brexit as the most important factor influencing the picture. Significantly, most parts of the UK apart from the capital showed a fairly similar pattern to the headline numbers. However, in London Brexit and the changes in Stamp Duty were all equally citied as contributing to the lethargy.
Full Report: RICS UK June Residential Survey