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Morning Briefing: RICS figures point to cooling housing market

Figures from the Royal Institution of Chartered Surveyors (RICS) show the weakest outlook for the UK’s housing market since Brexit

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Picture: Getty
Picture: Getty
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Morning Briefing: RICS figures point to cooling housing market

In the news

Prediction of a cooling housing market from chartered surveyors dominate the headlines this morning, with RICS warning that price falls are expected over the next three months.

The firm says growth over the coming year is predicted to be the slowest since June 2016, when Brexit prompted suggestion of falling values.

RICS said activity in the property market was slowing. Both the number of sales and enquiries by new buyers fell at the fastest rate since July 2016. You can read Reuters’ report on the numbers here.

In other news, communities secretary Sajid Javid told the Communities and Local Government Committee yesterday that councils may be allowed to lift borrowing caps or transfer from general funds to pay for fire safety works, but said there would be no grant from government. We will have a full story on his comments shortly.

Also, the Office for National Statistics has a fancy new tool which tells you the price per square metre of land up and down the UK.

One square metre of floor space – an area about the size of a red phone box – costs almost £19,439 in Kensington and Chelsea, while in Blaenau Gwent in the South Wales Valleys, the same amount of space costs £777.

On social media

The BBC’s Andrew Neil gave Liz Truss, chief secretary to the Treasury, an awful grilling over the 55p a minute rate to use the Universal Credit phoneline.

Economist Noble Francis on the RICS figures:

What’s on

The latest Social Housing magazine finance roadshow takes place today in Manchester:

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