UK Housing market activity continues to drop in December according to RICS

January 18, 2018

The latest RICS UK Residential Market Survey – December 2017 released today headlines ‘Stamp duty change to have limited impact as new buyer interest drop further.’

The survey reveals that in December, activity in the UK housing market continued to drop. Buyer interest edges lower as sales and new instructions continue to decline.

The report mentions: 86% of respondents report no response yet from first time buyers following changes to Stamp Duty.

The outlook for 2018 for prices and sales is more upbeat according to the RICS report.

Simon Rubinsohn, RICS Chief Economist said:

“The initial feedback from the market doesn’t suggest that the change in the Stamp Duty regime announced in the budget is going to have a material impact on activity. Indeed, the risk was always that a good portion of the benefit would be capitalised in the price, therefore limiting the benefit for the first-time buyer.

“Meanwhile, the latest RICS data continues to highlight the importance of disaggregating the headlines numbers when talking about the market. Challenges over affordability may have grown across the UK but they are clearly having a bigger impact in some parts of the country than others. This is clearly evident in the sales expectations figures which still remain in positive territory in more than half of the areas surveyed in the report.”

Read the latest RICS UK Residential Market Survey – December 2017 released today 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

Love or Hate Rightmove
Breaking News

Average two-year fixed mortgage rate for 60% LTV now cheaper than five-year rate

The average two-year fixed mortgage rate for those with a 40% deposit (60% LTV) is now cheaper than the average five-year fixed equivalent, the first time this has happened since the mini-Budget The average two-year fixed, 60% LTV mortgage rate is now 4.18%, while the five-year equivalent is 4.19% The gap between average two-year fixed…
Read More →
Overseas Property

How UK Property Investors Can Manage Exchange Rate Risk When Buying Off-Plan Overseas

Off-plan purchases are especially common in developing overseas property markets with a high proportion of international investors. In these less mature markets, a significant share of stock is sold directly by developers, making off-plan transactions a natural sales model. These opportunities appeal to international buyers because they typically require less upfront cash due to extended…
Read More →
Breaking News

Foxtons Lettings Market Index – March 2025

London rental market gains momentum as new rental listings surge, Foxtons data shows   March saw a 14% increase in new rental listings across London compared to February Applicant registrations rose by 11% month-on-month in March. Year on year, demand was stable, tracking just 2% below March 2024 levels The average rent in March stood…
Read More →
Breaking News

UK’s mid-market firms show improved business growth in March but economic uncertainty continues

Key findings: NatWest’s Mid-market Growth Tracker shows improved business growth in March, led by a strong service sector performance SMEs register a softer decline in output levels during March Market conditions remain challenging and we could see continued challenges in the coming months   Mid-market businesses continued to outperform the wider UK economy in March,…
Read More →
Breaking News

ONS Private rent and house prices UK – April 2025

The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation. Main Headlines Average UK monthly private rents increased by 7.7%, to £1,332, in the 12 months to March 2025 (provisional estimate); this annual growth rate is down from 8.1% in…
Read More →
Breaking News

Renters’ Rights Bill – what you need to know

The Renters’ Rights Bill is an extremely important piece of legislation for anyone who rents their home. For those in England (with some elements also covering Wales and Scotland), it represents one of the biggest changes in well over thirty years, and it’s important to be aware of what it might mean to you if…
Read More →