Economy

Survey paints 'upbeat' picture for housing market

Survey paints 'upbeat' picture for housing market”

House prices in the United Kingdom continued to rise in September even though interest from buyers was at its lowest level since last summer's European Union referendum, according to a report.

Housing market activity and confidence are now lower than at any point since the referendum to leave the European Union, according to the Royal Institution of Chartered Surveyors.

Alongside this, 19 per cent more respondents reported a fall in agreed sales rather than a rise - the poorest monthly reading since July a year ago.

RICS says that when broken down regionally, London and the South East were at the forefront of the decline in sales, but weakness in transactions was widespread during September. Only Wales and the South West had an increase in property sales.

The balance of surveyors saying that prices rose in the past three months was also significantly higher in Northern Ireland than the United Kingdom average.

New instructions to sell were stable for the second month running, having declined continuously for the past 18 months. Consequently, average stock levels on estate agents books held broadly steady - albeit near record lows - at 43.3.

However surveyors reported that a lack of housing stock was a key factor behind this.

London is seeing "firmly negative" house price growth, while prices have also been on a downward slope in the South East for four months in a row, albeit to a lesser extent than in London.

The outlook for the Northern Ireland housing market remains more buoyant than other United Kingdom regions despite an apparent slowdown in the market last month according to the the latest industry figures. And despite the announcements at the recent Conservative Party conference, it is hard to envisage this changing any time soon.

He said this will partly be due to affordability constraints hitting higher-priced parts of the market. "Against such a backdrop, prices in general are likely to remain elevated and indeed, as the survey indicates, continues to rise over the medium term in most parts of the country". "It is perhaps also indicative of. the increasing possibility of the first hike in base rates in over ten years", Rubinsohn said.



Like this

Latest


12 October 2017
Most Active Stock: MannKind Corp. (MNKD)
It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. Investors are a little more bearish on shares of the company recently looking at the change in short interest.

12 October 2017
Thermo Fisher Scientific Inc (TMO) PT Raised to $207.00 at Leerink Swann
Finally, Covington Capital Management lifted its holdings in Thermo Fisher Scientific by 0.9% during the 2nd quarter. (NYSE:TMO). Following the sale, the director now directly owns 38,757 shares of the company's stock, valued at approximately $6,790,226.40.

12 October 2017
Southwest Airlines Announces Plans to Launch Service to Hawaii
The DMN reports that Southwest plans to start selling tickets in Hawaii in 2018, but the first flight might not launch until 2019. For Southwest, the best way to keep its customers loyal is to fly to the places they want to go.

12 October 2017
Russia Strongly Opposes Russian Flag Removal From Closed San Francisco Consulate
However, the lawmaker said it was early to speak about any particular plans on preparing such an initiative. The Russian embassy and US State Department were not immediately available for comment.

12 October 2017
Pultegroup Inc (NYSE:PHM) Institutional Investor Sentiment Trend
Barclays Capital upgraded the stock to "Equal-Weight" rating in Wednesday, April 6 report. (NYSE:PHM) rating on Thursday, July 13. PulteGroup, Inc. (NYSE:PHM) touched its 1-Year High price of $27.76 on 10/03/17 and its 1-Year Low price of $17.69 on 11/09/16.

12 October 2017
Gal Gadot adding new project before Wonder Woman 2
However, ahead of that, Gadot is joining forces with Assassin's Creed and Macbeth director Justin Kurzel for a new project. The Variety revealed that Warner Bros has already dated the second franchise to be out on December 13, 2019.

12 October 2017
Bautista saddened by House nod on impeach rap
But the committee report of the Committee on Justice dismissing the impeachment complaint is already scheduled before plenary. Only 75 voted in favor of the resolution, while two congressmen abstained.

12 October 2017
Builders FirstSource, Inc. (NASDAQ:BLDR) Trading Up - Short interest fell by -5.20%
Several other equities research analysts also recently weighed in on BLDR. 33 funds opened positions while 72 raised stakes. Builders FirstSource (NASDAQ:BLDR) last announced its quarterly earnings results on Thursday, August 3rd. (NASDAQ:BLDR).

12 October 2017
Reliance Jio all set to unleash a brand-new price war today
However, only one voucher can be redeemed at a time and the users will be able to redeem the vouchers from 15th November only. In the tweet by Reliance Jio , it has been revealed that the new plans will be effective from October 19.

12 October 2017
Analyzing the Financial Health of Juniper Networks, Inc. (NYSE:JNPR)
Also, it has an estimated price-earnings (P/E) multiple of 11.61 and a trailing 12-month price-earnings (P/E) multiple of 16.23. With 1.54 million avg volume, 14 days are for Cameco Corporation (NYSE:CCJ)'s short sellers to cover CCJ's short positions.



Recommended