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Housing market outlook worst 'for 20 years' - BBC NEWS

The housing market outlook over the next three months is the worst for 20 years, surveyors say.

A net balance of 28% of Royal Institution of Chartered Surveyors (RICS) members expect sales to fall in the next three months.

It's the most downbeat reading since records started in October 1998 and the pessimism is blamed on the lack of clarity around Brexit.

Lack of supply and affordability also continued to affect the market.

Sales expectations for the next three months are now either flat, with no change predicted, or negative, indicating falling sales, across all parts of the UK, the report said.

Increasing numbers of surveyors reported seeing house prices fall rather than increase in December, with a net balance of 19% seeing falls rather than rises.

That was up from a balance of 11% in November and marked the fourth month in a row of negative house price readings.

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New buyer inquiries fell for the fifth month in a row in December.

The drop-off in interest from buyers was matched by a decline in fresh properties coming on to the market.

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