House prices are set to fall 1% next year due to Brexit, Countrywide predicts – but will recover in 2018

August 22, 2016 | 6years | NEWS AND INTEREST

Property values set to fall next year, Countrywide predicts

But the estate agency believes prices will climb ahead again in 2018

George Osborne claimed house values would plummet 18%

Property values in Britain are set to fall next year thanks to Brexit uncertainty, but will recover in 2018 a new report predicts.

The falls will be nowhere near the level predicted by the former Chancellor George Osborne as part of 'Project Fear', an estate agency group forecast.

House price growth across the country will slow to 2.5 per cent this year, contract one per cent in 2017 before recovering two per cent in 2018, predictions from national estate agency group Countrywide show.

The EU referendum is being blamed for unsettling the housing market and being eyed for its potential impact on economic fundamentals such as trade and economic growth.

In the run-up to the EU referendum, the then chancellor George Osborne said Brexit would cause an 'immediate economic shock' that could result in house prices falling 18 per cent, which would see the typical property fall nearly £40,000 in value.

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