The National RICS Price balance figure for April 2018 is the most negative since Novemner 2012

The latest RICS UK Residential Market Survey report – April 2018, released today headlines ‘Buyers enquiries and sales stabilise in April, as house prices dip’.

The report reveals that house prices at a national level dipped marginally in April, while they continue to fall in London and the South East in particular. Both new buyer enquiries and agreed sales stabilise following recent declines.

The national RICS Price balance indicator turns mildly negative in April (-8%), although this figure signals only a slight decline at this stage, it is still the most negative figure since November 2012 according to RICS.

Simon Rubinsohn, RICS Chief Economist said:

“The housing market typically tends to see a pick-up in activity at around this time of the year and the feedback from respondents to the latest survey does seem to be capturing this tone. However, once this seasonal pattern has been allowed for the underlying trend in transactions still remains broadly flat.

“Meanwhile, the impact of recent tax changes appears increasingly visible in the letting results with new instructions from landlords in the three months to end April falling again and at a faster pace than previously. Given what this says about the Buy to Let market at the present time, it is imperative that Build to Rent begins to take on a greater role to ensure those seeking to rent in private sector over the coming years have sufficient choice.”

Read the RICS UK Residential Market Survey report – April 2018 in full click here.