The UK housing market is stuck in a holding pattern as buyers wait for more clarity on Brexit before committing to a purchase that could prove unwise if Britain crashes out of the EU in October.
Political and economic uncertainty has driven UK residential transactions at Savills to their lowest level since the financial crisis, the estate agency, one of the nation’s largest, said in its half-year earnings report on Thursday.
A fall in home sales was also revealed in the July survey by the Royal Institute of Chartered Surveyors, and earlier this week Halifax said sales had dropped during the early months of the summer.
Simon Rubinsohn, chief economist at RICS, said: “The latest RICS results will provide little comfort for the market, with all the key indicators pretty much flat-lining.”
He added: “The forward-looking metrics on prices and sales also seem to losing momentum, as concerns – clearly voiced in the anecdotal feedback – both about Brexit and political uncertainty heighten.”
1/50 8 August 2019
A mosque is seen amongst residential housing from the air during a mass take off at the annual Bristol hot air balloon festival in Bristol
Reuters
2/50 7 August 2019
An Asiatic lioness eats meat during feeding time ahead of World Lion Day at London Zoo
Reuters
3/50 6 August 2019
Beer enthusiasts taste beer and ale during The Great British Beer Festival at Kensington Olympia in west London. The Great British Beer Festival, organised by the Campaign for Real Ale (CAMRA), brings hundreds of real ales, international beers and real ciders and perries under one roof.
AFP/Getty Images
4/50 5 August 2019
Australia’s Nathan Lyon celebrates after taking the wicket of England’s Joe Root during day five of the first Ashes test at Edgbaston. The hosts were on the end of a thumping, as Australia won the first test by 251 runs
Getty
5/50 4 August 2019
Franky Zapata stands on his jet-powered “flyboard” prior to landing on St. Margaret’s Bay in Dover, during his attempt to fly across the 35-kilometre (22-mile) Channel crossing. The Frenchman achieved his aim today, on his second attempt, after having spent years developing the jet-powered hoverboard
AFP/Getty
6/50 3 August 2019
A Cricket fan wears a Donald Trump inflatable, during day three of the first Ashes test cricket match between England and Australia at Edgbaston in Birmingham
AP
7/50 2 August 2019
An RAF Chinook helicopter flies in sandbags to help repair the dam at Toddbrook Reservoir which was damaged in heavy rainfall
PA
8/50 1 August 2019
Stuart Broad celebrates after taking the wicket of David Warner during day one of the first Ashes test between England and Australia at Edgbaston. England fans celebrated the loss of David Warner and Cameron Bancroft dismissals by waving sandpaper after they both faced bans for their roles in the Sandpaper scandal last year. Australia were all out for 284 after Steve Smith frustrated the hosts with a total of 144. He helped drag his side from 122-8
Getty
9/50 31 July 2019
A collapsed bridge near Grinton, North Yorkshire, after parts of the region had up to 82.2mm of rain in 24 hours on Tuesday
PA
10/50 30 July 2019
Acrobats Beren d’Amico, Louis Gift and Charlie Wheeller, from Barely Methodical Troupe perform a routine on Calton Hill in Edinburgh as they bring their debut show Bromance to the Edinburgh Fringe
PA
11/50 29 July 2019
Theresa the robotic waitress at The Tea Terrace’s Cobham branch in Surrey. Theresa represents the 6th Generation of robotic waitresses which were first launched in Japan a few years ago. The robot comes with autonomous navigation; automatic obstacle avoidance, voice conversation, and automatic dish delivery. It integrates core technologies in automatic control, multi-sensor perceptual collision avoidance and route planning
PA
12/50 28 July 2019
Competitors during the World Stinging Nettle Eating Championship at The Bottle Inn in Marshwood. Competitors are served 2-foot long stalks of stinging nettles from which they pluck and eat as many leaves as possible.
Getty
13/50 27 July 2019
A woman in character as La Muerte from film The Book of Life, during the MCM Manchester Comic Con which see thousands of sci-fi fans, gamers, comic collectors, movie buffs and anime enthusiasts visit Manchester Central
PA
14/50 26 July 2019
England’s Jonny Bairstow takes the catch to dismiss Ireland’s William Porterfield during their test march at Lord’s. Ireland were bowled out for 38 in their second innings in just 15.4 overs – the second lowest total in Test match history
Action Images via Reuters
15/50 25 July 2019
Hamza and Haris splash in the water feature beside the National Football Museum in central Manchester, as the UK braces itself to encounter the hottest July day on record
PA
16/50 24 July 2019
Boris Johnson waves as he enters 10 Downing Street following his appointment as Prime Minster by the Queen. The former London mayor and foreign secretary won his leadership bid by beating Jeremy Hunt in the Tory race the day before. Theresa May stepped down following her resignation as Conservative Party leader on 7 June
EPA
17/50 23 July 2019
Swimmers have fun in the sea on a giant inflatable Flamingo, South Beach,Tenby, Pembrokeshire
Reuters
18/50 22 July 2019
New Liberal Democrat leader Jo Swinson addresses the audience onstage after she was named as Sir Vince Cable’s successor. Swinson beat fellow candidate Ed Davey by 47,997 votes to 28,021 votes
Getty
19/50 21 July 2019
Adam Peaty broke his own world record in the men’s 100 metre breaststroke at the World Championships in Gwangju, South Korea. The 24-year-old smashed the previous record of 57.10 seconds he set at last year’s European Championships to win in 56.88. In doing so, the Britain achieved one of his career goals of becoming the first man to break the 57-second barrier in the event
Reuters
20/50 20 July 2019
London artist Helen Marshall’s People’s Moon project, a giant photographic mosaic shown at the exact hour 50 years ago that Apollo 11 landed the first people on the Moon, at Piccadilly Circus, London
PA
21/50 19 July 2019
Players from Uganda and Malawi during their Netball World Cup match at the M&S Bank Arena, Liverpool
PA
22/50 18 July 2019
Artist Steve Messam poses next to his monumental landscape artwork ‘Hush’ which hangs in the moors of Teesdale on July 18, 2019 in Barnard Castle, England. The outdoor installation is inspired by the geology, mining history and landscape of the area. The North Pennines AONB Partnership commissioned the installation which hangs over Bales Hush, a deep gauge in the terrain created when miners flushed the area with water to reveal the geological riches below. Hundreds of metres of recyclable saffron yellow fabric blow in the wind.
Getty
23/50 17 July 2019
Buckingham Palace staff arrange the dining table, a copy of Queen Victoria’s reign dessert table, as part of an exhibition at Buckingham Palace, in London. The exhibition marks the 200th anniversary of the birth of Queen Victoria
AP
24/50 16 July 2019
The Inveraray pipe band parades through the town at the start of the Highland Games in Inverarary, Scotland
Getty
25/50 15 July 2019
Extinction Rebellion Activists block roads near the Tron Clock tower in Glasgow
Getty
26/50 14 July 2019
Serbia’s Novak Djokovic raises the winner’s trophy after beating Switzerland’s Roger Federer during their men’s singles final on day thirteen of the 2019 Wimbledon Championships at The All England Lawn Tennis Club
AFP/Getty
27/50 13 July 2019
The referee counts Nathan Gorman out as Daniel Dubois looks on during the British Heavyweight Title fight between Daniel Dubois and Nathan Gorman at The O2 Arena in London
Getty
28/50 12 July 2019
Giant Panda, Yang Guang, exploring his new home at Edinburgh Zoo after moving in last week
RZSS/PA
29/50 11 July 2019
England’s captain Eoin Morgan, left, celebrates with teammate Joe Root after winning their Cricket World Cup semi-final match against Australia at Edgbaston in Birmingham. The host nation blew away their rivals by 8 wickets with 107 balls remaining
AP
30/50 10 July 2019
Andy Murray and Serena Williams talk as they play Bruno Soares and Nicole Melichar during their mixed doubles third round match of the Wimbledon Championships. The star-studded pair went out in three sets to the top seeds
AFP/Getty
31/50 8 July 2019
Fifteen-year-old Cori “Coco” Gauff serves to Romania’s Simona Halep in a women’s singles match during day seven of the Wimbledon Tennis Championships in London. The youngest woman to qualify for Wimbledon in the open era defeated Venus Williams in her opening match and made if through to week two. Halep ended the teenagers dream run at the tournament in their round 16 match, 6-3, 6-3
AP
32/50 7 July 2019
A competitor takes part in the Red Bull Soapbox Race in Alexandra Park, London. The soapbox race is an international event in which amateur drivers race homemade soapbox vehicles on a downhill course
PA
33/50 6 July 2019
Members of the Lesbian, Gay, Bisexual and Transgender (LGBT) community take part in the annual Pride Parade in London
AFP/Getty Images
34/50 5 July 2019
Andy Murray fives mixed doubles partner Serena Williams at a practice session during day five of Wimbledon
Getty Images
35/50 4 July 2019
Chelsea’s newly appointed head coach Frank Lampard gives a thumbs up as he poses at Stamford Bridge. The Blues confirmed a dramatic return for one of the club’s greatest ever players. He has signed a three-year contract with the Premier League club, where he spent 13 years and became the team’s all-time leading scorer with 211 goals
AFP/Getty
36/50 3 July 2019
A grey seal named after Sir David Attenborough is released back into the wild after months being treated at RSPCA East Winch Wildlife Centre in Norfolk after it was found with a plastic frisbee disc embedded in its neck
PA
37/50 2 July 2019
The Kirby Estate in London is decorated with St George flags ahead of the Women’s World Cup semi-final match between England and the USA
PA
38/50 1 July 2019
People sleep as Glastonbury Festival 2019 comes to an end
SWNS
39/50 30 June 2019
The crowd enjoys the atmosphere as Years & Years perform on the Pyramid Stage during day five of the Glastonbury Festival at Worthy Farm, Pilton on June 30, 2019 in Glastonbury, England
Getty
40/50 29 June 2019
A couple make their way across the sand with their belongings as people enjoy the sunshine and hot weather on Bournemouth Beach in Dorset. PRESS ASSOCIATION Photo. Picture date: Saturday June 29, 2019
PA
41/50 28 June 2019
A lion-tailed macaque stays cool in the hot weather by eating frozen treats with fruit at Camperdown Wildlife Centre, Dundee
Katielee Arrowsmith / SWNS
42/50 27 June 2019
A festival goer dance with LED hula hoops on the second day of Glastonbury Festival 2019
PA
43/50 26 June 2019
Festival goers warm up prior to the gates opening at 8am on the first day of Glastonbury 2019
Adam Gray / SWNS
44/50 25 June 2019
An early glimpse of this year’s Glastonbury Festival is given in this picture taken by a local who glided over the site in their paramotor
James Pearce / SWNS
45/50 24 June 2019
The interior roof of a Tesco shop collapses under the torrential rain in Stirling, Scotland on 24 June
James Charity
46/50 23 June 2019
Steph Houghton celebrates with teammates after scoring England’s first goal during the Women’s World Cup round of 16 match against Cameroon at the Stade du Hainaut stadium in Valenciennes, France
AP
47/50 22 June 2019
Pride marchers at a rally outside the Scottish Parliament in Edinburgh
PA
48/50 21 June 2019
The sun rises between the stones and over crowds at Stonehenge where people gather to celebrate the dawn of the longest day in the UK. The neolithic Wiltshire monument is built along the solstice alignment of the summer sunrise and the winter sunset. On the longest day of the year, the sun rises behind the Heel Stone, the ancient entrance to the Stone Circle, and rays of sunlight are channeled into the centre of the monument
PA
49/50 20 June 2019
Frankie Dettori celebrates with the trophy after winning the 4.20 Gold Cup on Stradivarius as Queen Elizabeth looks on
Action/Reuters
50/50 19 June 2019
Endangered Amur tiger cub Makari plays with a pinata which was given to him and brothers Dmitri and Czar as they celebrate their first birthday this week at Whipsnade Zoo in Dunstable
PA
1/50 8 August 2019
A mosque is seen amongst residential housing from the air during a mass take off at the annual Bristol hot air balloon festival in Bristol
Reuters
2/50 7 August 2019
An Asiatic lioness eats meat during feeding time ahead of World Lion Day at London Zoo
Reuters
3/50 6 August 2019
Beer enthusiasts taste beer and ale during The Great British Beer Festival at Kensington Olympia in west London. The Great British Beer Festival, organised by the Campaign for Real Ale (CAMRA), brings hundreds of real ales, international beers and real ciders and perries under one roof.
AFP/Getty Images
4/50 5 August 2019
Australia’s Nathan Lyon celebrates after taking the wicket of England’s Joe Root during day five of the first Ashes test at Edgbaston. The hosts were on the end of a thumping, as Australia won the first test by 251 runs
Getty
5/50 4 August 2019
Franky Zapata stands on his jet-powered “flyboard” prior to landing on St. Margaret’s Bay in Dover, during his attempt to fly across the 35-kilometre (22-mile) Channel crossing. The Frenchman achieved his aim today, on his second attempt, after having spent years developing the jet-powered hoverboard
AFP/Getty
6/50 3 August 2019
A Cricket fan wears a Donald Trump inflatable, during day three of the first Ashes test cricket match between England and Australia at Edgbaston in Birmingham
AP
7/50 2 August 2019
An RAF Chinook helicopter flies in sandbags to help repair the dam at Toddbrook Reservoir which was damaged in heavy rainfall
PA
8/50 1 August 2019
Stuart Broad celebrates after taking the wicket of David Warner during day one of the first Ashes test between England and Australia at Edgbaston. England fans celebrated the loss of David Warner and Cameron Bancroft dismissals by waving sandpaper after they both faced bans for their roles in the Sandpaper scandal last year. Australia were all out for 284 after Steve Smith frustrated the hosts with a total of 144. He helped drag his side from 122-8
Getty
9/50 31 July 2019
A collapsed bridge near Grinton, North Yorkshire, after parts of the region had up to 82.2mm of rain in 24 hours on Tuesday
PA
10/50 30 July 2019
Acrobats Beren d’Amico, Louis Gift and Charlie Wheeller, from Barely Methodical Troupe perform a routine on Calton Hill in Edinburgh as they bring their debut show Bromance to the Edinburgh Fringe
PA
11/50 29 July 2019
Theresa the robotic waitress at The Tea Terrace’s Cobham branch in Surrey. Theresa represents the 6th Generation of robotic waitresses which were first launched in Japan a few years ago. The robot comes with autonomous navigation; automatic obstacle avoidance, voice conversation, and automatic dish delivery. It integrates core technologies in automatic control, multi-sensor perceptual collision avoidance and route planning
PA
12/50 28 July 2019
Competitors during the World Stinging Nettle Eating Championship at The Bottle Inn in Marshwood. Competitors are served 2-foot long stalks of stinging nettles from which they pluck and eat as many leaves as possible.
Getty
13/50 27 July 2019
A woman in character as La Muerte from film The Book of Life, during the MCM Manchester Comic Con which see thousands of sci-fi fans, gamers, comic collectors, movie buffs and anime enthusiasts visit Manchester Central
PA
14/50 26 July 2019
England’s Jonny Bairstow takes the catch to dismiss Ireland’s William Porterfield during their test march at Lord’s. Ireland were bowled out for 38 in their second innings in just 15.4 overs – the second lowest total in Test match history
Action Images via Reuters
15/50 25 July 2019
Hamza and Haris splash in the water feature beside the National Football Museum in central Manchester, as the UK braces itself to encounter the hottest July day on record
PA
16/50 24 July 2019
Boris Johnson waves as he enters 10 Downing Street following his appointment as Prime Minster by the Queen. The former London mayor and foreign secretary won his leadership bid by beating Jeremy Hunt in the Tory race the day before. Theresa May stepped down following her resignation as Conservative Party leader on 7 June
EPA
17/50 23 July 2019
Swimmers have fun in the sea on a giant inflatable Flamingo, South Beach,Tenby, Pembrokeshire
Reuters
18/50 22 July 2019
New Liberal Democrat leader Jo Swinson addresses the audience onstage after she was named as Sir Vince Cable’s successor. Swinson beat fellow candidate Ed Davey by 47,997 votes to 28,021 votes
Getty
19/50 21 July 2019
Adam Peaty broke his own world record in the men’s 100 metre breaststroke at the World Championships in Gwangju, South Korea. The 24-year-old smashed the previous record of 57.10 seconds he set at last year’s European Championships to win in 56.88. In doing so, the Britain achieved one of his career goals of becoming the first man to break the 57-second barrier in the event
Reuters
20/50 20 July 2019
London artist Helen Marshall’s People’s Moon project, a giant photographic mosaic shown at the exact hour 50 years ago that Apollo 11 landed the first people on the Moon, at Piccadilly Circus, London
PA
21/50 19 July 2019
Players from Uganda and Malawi during their Netball World Cup match at the M&S Bank Arena, Liverpool
PA
22/50 18 July 2019
Artist Steve Messam poses next to his monumental landscape artwork ‘Hush’ which hangs in the moors of Teesdale on July 18, 2019 in Barnard Castle, England. The outdoor installation is inspired by the geology, mining history and landscape of the area. The North Pennines AONB Partnership commissioned the installation which hangs over Bales Hush, a deep gauge in the terrain created when miners flushed the area with water to reveal the geological riches below. Hundreds of metres of recyclable saffron yellow fabric blow in the wind.
Getty
23/50 17 July 2019
Buckingham Palace staff arrange the dining table, a copy of Queen Victoria’s reign dessert table, as part of an exhibition at Buckingham Palace, in London. The exhibition marks the 200th anniversary of the birth of Queen Victoria
AP
24/50 16 July 2019
The Inveraray pipe band parades through the town at the start of the Highland Games in Inverarary, Scotland
Getty
25/50 15 July 2019
Extinction Rebellion Activists block roads near the Tron Clock tower in Glasgow
Getty
26/50 14 July 2019
Serbia’s Novak Djokovic raises the winner’s trophy after beating Switzerland’s Roger Federer during their men’s singles final on day thirteen of the 2019 Wimbledon Championships at The All England Lawn Tennis Club
AFP/Getty
27/50 13 July 2019
The referee counts Nathan Gorman out as Daniel Dubois looks on during the British Heavyweight Title fight between Daniel Dubois and Nathan Gorman at The O2 Arena in London
Getty
28/50 12 July 2019
Giant Panda, Yang Guang, exploring his new home at Edinburgh Zoo after moving in last week
RZSS/PA
29/50 11 July 2019
England’s captain Eoin Morgan, left, celebrates with teammate Joe Root after winning their Cricket World Cup semi-final match against Australia at Edgbaston in Birmingham. The host nation blew away their rivals by 8 wickets with 107 balls remaining
AP
30/50 10 July 2019
Andy Murray and Serena Williams talk as they play Bruno Soares and Nicole Melichar during their mixed doubles third round match of the Wimbledon Championships. The star-studded pair went out in three sets to the top seeds
AFP/Getty
31/50 8 July 2019
Fifteen-year-old Cori “Coco” Gauff serves to Romania’s Simona Halep in a women’s singles match during day seven of the Wimbledon Tennis Championships in London. The youngest woman to qualify for Wimbledon in the open era defeated Venus Williams in her opening match and made if through to week two. Halep ended the teenagers dream run at the tournament in their round 16 match, 6-3, 6-3
AP
32/50 7 July 2019
A competitor takes part in the Red Bull Soapbox Race in Alexandra Park, London. The soapbox race is an international event in which amateur drivers race homemade soapbox vehicles on a downhill course
PA
33/50 6 July 2019
Members of the Lesbian, Gay, Bisexual and Transgender (LGBT) community take part in the annual Pride Parade in London
AFP/Getty Images
34/50 5 July 2019
Andy Murray fives mixed doubles partner Serena Williams at a practice session during day five of Wimbledon
Getty Images
35/50 4 July 2019
Chelsea’s newly appointed head coach Frank Lampard gives a thumbs up as he poses at Stamford Bridge. The Blues confirmed a dramatic return for one of the club’s greatest ever players. He has signed a three-year contract with the Premier League club, where he spent 13 years and became the team’s all-time leading scorer with 211 goals
AFP/Getty
36/50 3 July 2019
A grey seal named after Sir David Attenborough is released back into the wild after months being treated at RSPCA East Winch Wildlife Centre in Norfolk after it was found with a plastic frisbee disc embedded in its neck
PA
37/50 2 July 2019
The Kirby Estate in London is decorated with St George flags ahead of the Women’s World Cup semi-final match between England and the USA
PA
38/50 1 July 2019
People sleep as Glastonbury Festival 2019 comes to an end
SWNS
39/50 30 June 2019
The crowd enjoys the atmosphere as Years & Years perform on the Pyramid Stage during day five of the Glastonbury Festival at Worthy Farm, Pilton on June 30, 2019 in Glastonbury, England
Getty
40/50 29 June 2019
A couple make their way across the sand with their belongings as people enjoy the sunshine and hot weather on Bournemouth Beach in Dorset. PRESS ASSOCIATION Photo. Picture date: Saturday June 29, 2019
PA
41/50 28 June 2019
A lion-tailed macaque stays cool in the hot weather by eating frozen treats with fruit at Camperdown Wildlife Centre, Dundee
Katielee Arrowsmith / SWNS
42/50 27 June 2019
A festival goer dance with LED hula hoops on the second day of Glastonbury Festival 2019
PA
43/50 26 June 2019
Festival goers warm up prior to the gates opening at 8am on the first day of Glastonbury 2019
Adam Gray / SWNS
44/50 25 June 2019
An early glimpse of this year’s Glastonbury Festival is given in this picture taken by a local who glided over the site in their paramotor
James Pearce / SWNS
45/50 24 June 2019
The interior roof of a Tesco shop collapses under the torrential rain in Stirling, Scotland on 24 June
James Charity
46/50 23 June 2019
Steph Houghton celebrates with teammates after scoring England’s first goal during the Women’s World Cup round of 16 match against Cameroon at the Stade du Hainaut stadium in Valenciennes, France
AP
47/50 22 June 2019
Pride marchers at a rally outside the Scottish Parliament in Edinburgh
PA
48/50 21 June 2019
The sun rises between the stones and over crowds at Stonehenge where people gather to celebrate the dawn of the longest day in the UK. The neolithic Wiltshire monument is built along the solstice alignment of the summer sunrise and the winter sunset. On the longest day of the year, the sun rises behind the Heel Stone, the ancient entrance to the Stone Circle, and rays of sunlight are channeled into the centre of the monument
PA
49/50 20 June 2019
Frankie Dettori celebrates with the trophy after winning the 4.20 Gold Cup on Stradivarius as Queen Elizabeth looks on
Action/Reuters
50/50 19 June 2019
Endangered Amur tiger cub Makari plays with a pinata which was given to him and brothers Dmitri and Czar as they celebrate their first birthday this week at Whipsnade Zoo in Dunstable
PA
Economists agree that the housing market will suffer if Britain leaves the EU without a deal.
The government’s spending watchdog, the Office for Budget Responsibility (OBR), forecast last month that house prices would tumble by almost 6 per cent in 2020 and another 3 per cent in 2021. The slide could be even steeper as the OBR’s prediction was based on the assumption of a particular type of no-deal Brexit – the less disruptive of the two laid out by the IMF earlier this year.
Howard Archer, economic adviser to the EY Item Club, forecasts a similar decline, saying house prices would quickly fall by about 5 per cent as the economy weakened and the market was mired in acute uncertainty over Britain’s future trading relationship with the EU.
For now, house prices look on track for hardly any growth over this year.
According to RICS, a net balance of 9 per cent of respondents reported a fall in average prices over the past three months in England and Wales. Samuel Tombs, economist at Pantheon Macroeconomics, said the result is consistent with the official measure of prices showing a rise of only 0.5 per cent in 2019.
Halifax data also showed that UK house prices dropped slightly in July for the second consecutive month and now stand at £236,120 on average.
“The market continues to tread water,” said Russell Galley, managing director at Halifax.
“In the longer term, we believe there is unlikely to be a step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty.”
RICS echoed this prediction, noting that its survey now points to zero growth in sales – as well as a steeper fall in prices – in the next three months.
On Thursday Boris Johnson reiterated his trademark message that Britain will leave the EU on 31 October, even though no progress has been made on securing a withdrawal agreement acceptable to both sides.
