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CONTINUING BLEAK OUTLOOK FROM THE RICS UK RESIDENTIAL MARKET SURVEY

29 Jan 2019

Every month, The Royal Institution of Chartered Surveyors (RICS) carries out its UK Residential Market Survey. This is used by the Government, the Bank of England and other key institutions and is a highly regarded indicator of current and future conditions in UK residential sales and lettings.

According to a press release last week, the December survey showed a lack of available houses on the market and a fall in enquiries, new instructions and agreed sales. The picture was not uniformly bleak across the country however, with East Anglia, the north east, Wales and Northern Ireland showing a more positive trend.

According to the survey the outlook for 2019 remains gloomy. Growth in new builds has slowed and there is a lack of second-hand properties coming onto the market replenishing estate agent’s stocks. This lack of stock creates less choice, resulting in fewer enquiries and a consequent lack of sales.

Overall, the RICS predict a continuing faltering of sales activity and neither growth or a fall in house prices over the coming year. They focus on uncertainty over the terms of Brexit being a key factor as both buyers and sellers sit tight in increasing numbers. Indeed, a press release in mid December, after the November survey had been published, featured Hew Edgar, RICS Head of Policy stating that ‘the current style of politics and continuing level of political uncertainty is significantly impacting the housing market and the built environment.’

Read more at https://www.rics.org/uk/news-insight/latest-news/press-releases/residential-market-survey-november-2018/

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