Search Acumen comments on the RICS residential market survey for June 2016:
“The significant decline of supply and demand across the UK in June highlights the continuous uncertainty which has stemmed from the EU referendum as buyer confidence appears to have been eroded. In the wake of this, it is not a surprise to see that buyer enquires have fallen for a third consecutive month, as agreed sale figures fall sharply.
“The tumultuous political and economic landscape we have seen over the past weeks is hopefully coming to its end – the financial markets have begun to absorb the shock whilst Theresa May’s ‘Brexit government’ takes office.
“Despite forecasts expecting agreed sales activity to remain subdued, the undertones from business and government in the near future will be stability, as all industries begin to prepare for an EU exit. Today’s expected interest rate cut will also help prop up the residential market with a further increase in the availability of cheaper mortgages.”