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Brexit Hits U.K. Housing as Sales Decline Most Since 2008

  • RICS price-growth index falls to lowest level in three years
  • Sales balance at minus 34, weakest since financial crisis
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Moec: Brexit Data Turned From Catastrophic to Plain Bad

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Brexit is undermining the near-term outlook for the U.K. housing market, with both demand and sales dropping in July, according to the Royal Institution of Chartered Surveyors.

The London-based group said new buyer inquiries fell for a fourth month, while its index of sales is pointing to the fastest decline in transactions since the global financial crisis in 2008. Prices continued to rise, but at the slowest pace in three years. Just 5 percent more surveyors recorded an increase than a fall, compared with 15 percent in June.