The Brexit effect – fewer buyers, lower prices, longer transaction times

London-focused house-builder Telford’s shares fell 15% yesterday, as bosses warned of challenging domestic conditions cause by negative Brexit sentiment. It’s harder to sell to Brits and it’s particularly difficult to sell properties worth £600k and above. The company is responding by leveraging the Government’s Help to Buy scheme and focusing on affordable homes.

Meanwhile, the Royal Society of Chartered Surveyors blames Brexit for falling prices, scant demand and a further lengthening of the average time it’s taking to sell a property to the longest since the organisation began recording data. RICS’ rather confusing index (which measures members sentiment based on experience on the ground… whether prices are falling, steady or rising) slipped dramatically further from a +1 to a -2 as Brexit looms.