High-end sale properties in central London remain under pressure says RICS
The Royal Institution of Chartered Surveyors (RICS) today released their Residential Market Survey March 2017 headlined ‘Residential sales still lack impetus’.
The survey points out that new buyer enquiries and sales remain flat in March and stock levels hit new record low as number of properties coming to market continues to decline. The picture remains mixed across the UK, the areas with declining buyer interest outweigh those with increasing demand.
In the lettings market, the RICS state: Tenant demand continued to rise as 11% more respondents noted an increase (rather than a fall) on a non-seasonally adjusted basis. Even so, demand growth remains more modest than in March 2016.
Simon Rubinsohn, RICS Chief Economist said: “The latest results for our survey show little change in the underlying picture surrounding both sales and markets. High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock. This includes rents, which away from the capital are generally moving higher as demand outstrips supply.
“For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels”.
Read the RICS Residential Market Survey March 2017 in full click here.
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