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.
Author: 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.