Property prices to fall amid Brexit uncertainty, Savills says

Property prices across a number of markets are going to fall this year as a result of the uncertainty surrounding Brexit and the US trade policy, estate agency Savills has predicted.

The firm said that prospects for 2019 are “overshadowed by macro-economic and political uncertainties across the world”, adding that it is difficult to predict the effect on investor demand for the property sector.

The comments from Savills come as MPs are due to vote on Prime Minister Theresa May’s contested Brexit deal.

Earlier, housebuilder Persimmon hiked full-year profit expectations thanks to increased production and a robust UK housing market, but cautioned it remains mindful of economic uncertainty related to Brexit.

However, Savills said the decline in the number of sales should be offset by the less transactional business, which should result in a “broadly consistent” trading performance this year compared with last year.

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