House prices remain flat nationally according to latest RICS UK residential market survey report.

October 11, 2018

Latest RICS UK Residential Market Survey – September 2018 headlines ‘Weak sales outlook causing new homebuyers cold feet.’

The report reveals that demand from new buyers nationally has weakened slightly for the second successive month, making the forward-looking sales indicators also turn a little more pessimistic.

Prices remain flat nationally with regional variations still very pronounced and volume of fresh listings continues to fall in both the sales and lettings markets according to RICS.

Simon Rubinsohn,  RICS Chief Economist  said:

“There are a number of themes running through the comments of respondents this month but uncertainty relating to Brexit negotiations is at the very top of the list followed by references to the confidential remarks made by the Bank of England Governor to the cabinet. All of this is not surprisingly taking its toll on the sales market with the key activity indicator in the survey flat or slightly negative in all parts of the country apart from Northern Ireland and Wales.

“That said, the recent announcement from the Prime Minister that the Housing Revenue Account borrowing cap will be abolished is a bold move which over the time could help address some of the very real challenges facing those looking to buy or rent property. There is no silver bullet that will immediately resolve this problem but encouraging new entrants to deliver affordable homes is certainly part of the answer.”

Read the Latest RICS UK Residential Market Survey – September 2018 in full click here.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Rightmove logo
Breaking News

Highest ever price gap between first-time buyer and second-stepper home

Latest Rightmove data shows that the price gap between a typical first-time buyer home and a second-stepper home is at its highest ever, increasing cost pressures on those looking to trade up: The average asking price for a 3-4 bedroom, typical mid-market second-stepper home is 52% more than a 0-2 bedroom, typical first-time buyer home…
Read More →
Estate Agent Talk

Mortgage Rates and Human Behaviour: Why Small Changes Create Big Reactions

By Sarah Thompson, Group Financial Services Director, Mortgage Scout Mortgage rates have returned to the headlines in recent weeks, with some lenders pushing products back above 5%. Renewed market volatility has been driven in part by global uncertainty, including the conflict in the Middle East and its impact on energy markets and investor confidence. Yet…
Read More →
Breaking News

Nearly six in ten UK property purchases trigger AML red flags

Nearly six in ten UK property purchases now require further scrutiny under anti-money laundering (AML) rules, according to new data from client due diligence platform Thirdfort. Analysis of more than 415,000 completed Source of Funds (SoF) checks found that 57.7% of transactions contained at least one red flag, with an average of two flags per…
Read More →
Breaking News

Vanishing act of sub-4% fixed rate mortgages

A cut to Bank of England Base Rate (BBR) looks increasingly unlikely, with the upheaval in mortgage re-pricing leading to a vanishing act of sub-4% fixed mortgages, according to Moneyfactscompare.co.uk analysis. Mortgage market analysis The pool of lenders offering a sub-4% fixed rate deal has taken a significant blow. All of the biggest banks, namely…
Read More →
Estate Agent Talk

Government’s Home Buying and Selling Reform

Will the Government’s Home Buying and Selling Reform Consultation Increase or decrease the speed at which the market moves? Kevin Shaw, National Sales Managing Director, LRG The government’s consultation on Home Buying and Selling Reform is a step in the right direction. It recognises what every estate agent and conveyancer already knows: property sales take…
Read More →
Letting Agent Talk

The Draft Leasehold and Commonhold Reform Bill

Content and clarification Comment from the Association of Leasehold Enfranchisement Practitioners (ALEP) By Shabnam Ali-Khan – Partner, Russell-Cooke Following the rushed Royal Assent of the Leasehold and Freehold Reform Act 2024, further controversy has arisen. In the King’s Speech on 17 July, the new Leasehold and Commonhold Reform Bill was announced, but the full details…
Read More →