House sales faltered in last month of last year according to RICS
The Royal Institution for Chartered Surveyors (RICS) today released their December 2016 UK Residential Market Survey report headlined ‘Housing activity stutters in December’.
House sales in the UK faltered in December and the RICS predictions for expected new sales over the next three months are pared back. Central London house prices continue to slip back, that is in contrast to other areas of the UK that have seen increases, shortage of properties to let drives rent expectations higher.
Simon Rubinsohn, RICS Chief Economistsaid: “A familiar story relating to supply continues to drive both the sales and lettings markets impacting on activity, prices and rents. The eagerly awaited housing white paper should help to create a more positive framework for new build delivery but with the best will in the world, it is going to take time before the resulting uplift in the development pipeline begins to impact on the opportunities for either homebuyers or tenants.
“Meanwhile, the latest RICS survey provides further evidence that both price and rent pressures are continuing to spread from the more highly valued to more modestly valued parts of the market for good or ill”.
Read the RICS December 2016 UK Residential Market Survey report in full click here