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UK housing market shows resilience at the end of Q3 – BoE

  • 21/09/2016
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UK housing market shows resilience at the end of Q3 – BoE
The UK housing market has held up well across the country despite a marked fall in London, according to the Bank of England’s summary of business conditions.

In a report released today, it noted that business sentiment has recovered slightly in August following an expected dip in the immediate aftermath of the Brexit result.

It found that within London there were reports of transaction numbers being materially lower compared to the same period in 2015.

Comparatively the market has held up better across the UK, primarily in lower-to-medium value homes.

“Mortgage availability had remained highly favourable, although increased caution about lending at loan to value ratios above 95% was reported and surveyors’ had become more cautious in valuations.

This comes after Simon Collins, technical manager at John Charcol said he hadn’t seen a rise in price negotiations but instead an increased hesitance from buyers.

“Demand for mortgages had eased a little overall, but with considerable variability by region”, the report said.

The report highlighted that occupier enquiries and viewings had declined and many tenants put their intentions to move on hold amid fears of uncertainty surrounding the market after Brexit.

Jeremy Leaf, former RICS residential chairman , said: “These figures are interesting, not least because they point to a resilience in activity in the period leading up to the end of the third quarter i.e. August when in fact we found at the coalface that business picked up considerably in September as people returned from holiday keen to get on with their lives. We expect the autumn bounce to be more marked in the next month or two at least.”

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