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13th May 2016

RICS report shows short-term effect of June referendum

The Royal Institution of Chartered Surveyors latest figures suggest the upcoming referendum on EU membership may be having a temporary effect on the property market.

The latest data from RICS analysts shows the market is slowing down slightly ahead of the referendum on June 23. However they expect a more normal market to resume from mid-summer onwards, following the vote.

The Institution expected a slowdown after the buying frenzy to beat the April 1 stamp duty surcharge deadline. But the latest data shows a fall in enquiries from potential homebuyers, which they believe could continue over the summer. However prices remain stable.

“While reduced demand from buy to let and second home buyers appears to have been the main cause of this fall, it may also reflect some uncertainty beginning to enter the market in the run-up to the UK’s referendum on its EU membership” said an RICS spokesperson.

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