Demand from buyers and agreed sales are declining once more according to RICS
According to the latest RICS UK Residential Market Survey – October 2017 published today both demand from buyers and agreed sales are declining once more, while price trends are now flat.
They state: Subdued sales trends now being reported across most regions of the UK as demand from new buyers continues to decline, the national price indicator now flat with London and the South East still downbeat.
They also mention that in October, interest from buyers continued to decline with 20% more respondents seeing a fall in new buyer enquiries over the month.
As far as housing stock is concerned the latest RICS results point to a renewed deterioration in the flow of fresh listings coming to market (net balance -14%).
Simon Rubinsohn, RICS Chief Economist said:
“The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market. With both buyer enquiries slipping and sales expectations also subdued, the sense is that home owners are staying put and first time purchasers are increasingly focusing on that part of the market supported by the Help to Buy incentive. A stagnant second-hand market is bad news for the wider economy, not just in terms of spending but also because it restricts mobility.
“Prices do now seem under pressure at the more expensive end of the market with a further rise in the number of properties transacting at below the asking price. But it is important to not characterise the whole of the market by what is happening in parts of London and the wider South-East”.
Read the RICS UK Residential Market Survey – October 2017 published today in full click here.
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