Marked differences in trends across the country according to RICS
Released today the RICS UK Residential Market Survey – November 2017 headlines ‘Activity remains subdued in UK housing market, with little improvement anticipated.’
The report reveals that: Respondents to the November 2017 UK Residential Market Survey suggest activity will continue to be impacted by the continued shortage of new instructions, alongside general economic uncertainty.
Simon Rubinsohn RICS Chief Economist said:
“It is perhaps not surprising that the headline indicators for both prices and activity are subdued as Christmas approaches. But once again the feedback we are receiving from respondents points to quite marked differences in trends across the country. It is clear from the results than the mood music in London and the South East is very much flatter than elsewhere and interestingly, the forward looking indicators suggest this is likely to persist into the new year.
“It remains to be seen whether the scrapping of stamp duty for first time buyers announced in the Budget will provide much of a lift for the market. There was not much evidence of this in the latest survey, which was conducted after the change in policy, and while most independent analysis casts doubt on whether there will be much follow through, it is still early days. However, if the move does trigger a wider debate about how best to tax property, it will serve a useful role.”
Read the RICS UK Residential Market Survey – November 2017 in full click here.
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