Fresh dip in activity

After a brief mid-year recovery, economic and political uncertainty is once again discouraging housing market activity. In all, the near term outlook for both housing sales and house prices is therefore weak. But beyond that, even if Brexit uncertainty were to lift soon, the already high level of house prices will prevent a resurgence in activity or price growth over the next few years. The outlook for rental growth however, is brighter – driven by a growing imbalance between lettings supply and tenant demand.