Brexit Is Taking Its Toll on the U.K. Housing Market, RICS Says

The video discusses the impact of economic and political uncertainty, particularly Brexit, on the UK housing market. Simon Runestone, chief economist for the Royal Institution of Chartered Surveyors, shares insights from a recent report indicating a decline in inquiries and sales. The discussion highlights the market's softness despite tight supply and affordability issues, attributing much of the uncertainty to Brexit. The video also explores future market expectations, suggesting that vendors and developers may need to adjust prices to reflect current realities.

What potential impact on the housing market did the Bank of England warn about?

• Prices could increase by a third.

• Prices could be slashed by a third.

• Prices could double.

• Prices could remain stable.

What is the dominant influence affecting the UK housing market according to Simon Runestone?

• Global economic trends

• Brexit uncertainty

• Tax policies

• Interest rates

How are house builders responding to the current market conditions?

• They are lowering construction quality.

• They are being cautious and not ramping up sales.

• They are halting all new projects.

• They are rapidly increasing sales.

What strategy are some developers using to encourage sales in the new build market?

• Increasing prices

• Reducing the number of properties

• Focusing on luxury homes

• Offering more incentives

What must sellers accept about the current housing market according to the report?

• Prices will be higher than six months ago.

• The market is unchanged.

• Prices may not be what they were six months ago.

• Demand is at an all-time high.