Brexit worries hit housing market and developers

Owl says: you can see why penalising local authorities for not getting enough new houses built just doesn’t work.

“… Simon Rubinsohn, Rics’ chief economist, said: “It is evident … that the ongoing uncertainties surrounding how the Brexit process plays out is taking its toll on the housing market. I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors.

“Caution is visible among both buyers and vendors and where deals are being done they are taking longer to get over the line. The forward-looking indicators reflect the suspicion that the political machinations are unlikely to be resolved anytime soon.”

He said a weakening property market could prompt a slowdown in housebuilding: “The bigger risk is that this now spills over into development plans, making it even harder to secure the uplift in the building pipeline to address the housing crisis.” …”

https://www.theguardian.com/business/2018/dec/13/uk-property-market-at-weakest-since-2012-as-brexit-takes-toll-rics