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U.K. Housing Market Is Stuck in the Doldrums

  • RICS measure of house prices stood at minus 3 in May
  • Brexit, taxes and stretched valuations are hurting activity
Aerial Views Of London

Photographer: Matthew Lloyd/Bloomberg

The U.K. housing market stayed stuck in a rut in May as activity and prices remained broadly flat, according to the Royal Institution of Chartered Surveyors.

RICS’s gauge of prices came in at minus 3 last month, up from minus 7 in April but still consistent with no change in prices, the organization said in a report Thursday. While there were some cause for optimism, with a measure of new instructions turning positive for the first time in 27 months, forward-looking indexes suggested the market is unlikely to gain near-term impetus, RICS said.