RICS – Housing Market Report By RICS
RICS says more houses on market than required
Today the Royal Institute of Chartered Surveyors (RICS) has released a report showing that the housing market has the highest number of homeowners trying to sell their property since May 2007. At the same time the rate of house price increases has fallen back
Last month 21% of surveyors saw an increase in new instructions compared to 16% in February. These figures also tell a story in that they are exceeding the number of new buyers making enquiries. This trend could be down to uncertainty leading up to the upcoming general election.
The RICS expects activity to increase over the coming year at a modest level and house prices to remain stable.
RICS spokesperson Ian Perry said - “With the general election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market. For the time being, many of the key housing market indicators are still positive or stable.”
“However, with stocks increasing and sales decreasing we may see some modest price falls in some regions although London, the South East and Scotland are continuing to perform well.”
I think the London area is doing well because of the exchange rates meaning more people moving in from other countries, buying up properties and keeping prices falsely inflated. RICS has suggested falls in this area but I think the rate of that fall will depend on the performance of the pound over the coming months.
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