Price growth and sales activity subdued according to RICS
The RICS UK Residential Market Survey for the month of July published today headlines ‘Activity in UK housing market faltering’.
The survey reveals record low stock numbers, political uncertainty and the aftermath of tax changes are obstacles hindering the UK housing market with price growth and sales activity subdued during the month of July.
The headline price growth gauge slipped from +7% to +1%, signalling prices were broadly flat over the period and representing the softest reading.
Simon Rubinsohn, RICS Chief Economist, commented: “Sales activity in the housing market has been slipping in the recent months and the most worrying aspect of the latest survey is the suggestion that this could continue for some time to come. One reason for this is the recent series of tax changes, but this is only part of the story. Lack of new build in the wake of the financial crisis is a more fundamental factor weighing on the market. And there are some very real consequences for the economy from all of this including the impact on the ability of people to be mobile when looking for work.
“The flatter trend in price growth is arguably a silver lining, but there is no real indication that the housing market will become materially more affordable anytime soon. Hence the need for the government to press ahead with the Build to Rent initiative, as well as continuing to focus on other tenures alongside home ownership to try address this critical issue”.
Read the RICS UK Residential Market Survey for the month of July in full click here.
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