Economy

Housing market picture across United Kingdom increasingly mixed, according to surveyors

Housing market picture across United Kingdom increasingly mixed, according to surveyors”

The national housing market remains in the doldrums, weighed down by Brexit-related uncertainty and stamp duty increases, according to the latest report from surveyors.

The Royal Institution of Chartered Surveyors' August survey found that an average of 6 per cent more surveyors across the country as a whole reported house prices rising rather than falling.

Britain's housing market has slowed since the June 2016 referendum decision to leave the European Union, when prices were rising by about 8 percent a year, compared with growth rates of about 5 percent now, according to official data.

But in central London the reading was stuck firmly in negative territory, with 56% more surveyors seeing a fall in prices rather than an increase - marking the weakest result since 2009. In Central London, respondents were the most negative about price growth since 2008, and prices are expected to pick up everywhere in the next 12 months except the capital.

"The latest results continue to suggest that the greatest pressure on both prices and activity continues to be felt in prime central London market".

The main findings of the survey include a headline price balance for Northern Ireland of +51%, meaning that 51% more surveyors said that prices rose in the past three months than those who said they fell.

In terms of newly agreed sales, the net balance was +28 per cent in August, compared with +11 per cent in July.

However, the number of sales of properties across Britain continued to show no growth, a picture which began in November.

The deteriorating level of new homes coming on the market means average stock levels on agents' books remain near to an all-time low for the study, Rics said.

However, the survey also reports anecdotal evidence suggesting different levels of sctivity based on price and favouring properties below £250,000.



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