Uncertainty related to General Election having its affect on level of housing market transactions says RICS
The latest Royal Insitution of Chartered Surveyors (RICS) UK Residential Market Survey out today headlines Election causing to buyers and sellers “wait and see”
Demand from new buyers, new instructions from sellers and confirmed sales decline further in May according to the RICS. They also mention that house price growth across the UK continues to drop back and predictions are that it will continue to slow over next three months.
Simon Rubinsohn, RICS Chief Economist commented: “The latest survey suggests that uncertainty related to the General Election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring. Perhaps the most ominous signal emanating from the data released today is that contributors still expect house prices to increase at a faster pace than wages over the medium term despite the difficulty many first-time buyers are clearly having in taking their first steps onto the property ladder.
“The increasingly tight second-hand market remains a cause for concern with the RICS series tracking new instructions to agents recording its fifteenth successive negative reading. It is hard to see this as anything other a major obstacle to the efficient functioning of the housing market”.
Read the latest RICS UK Residential Market Survey in full click here.
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