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Gloucestershire Business News

Lack of impetus in housing market

The UK housing market remains stagnant with new buyer enquiries reported to be flat for three months in a row, a new study has revealed.

Research by the Royal Institution of Chartered Surveyors (RICS) published today also suggests a decline in the number of properties coming on to the market.

New instructions to sell fell noticeably with 13 per cent more respondents seeing a fall in fresh listing rather than a rise over the month.

Stock on estate agents books has consequently dipped to a new record low with branches, on average, now holding only 43 unsold properties.

Consequently, there has been an impact on sales activity with transaction volumes failing to rise across the UK in each of the last four surveys.

In March, three per cent more respondents saw a fall in agreed sales rather than a rise, though sales did rise relatively firmly in Wales, Scotland and Northern Ireland.

The lack of supply in the market continues to underpin prices, with 22 per cent more respondents seeing a rise over the last month across the UK.

RICS chief economist Simon Rubinsohn said: "The latest results for our survey show little change in the underlying picture surrounding both sales and markets.

"High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.

"This includes rents, which away from the capital are generally moving higher as demand outstrips supply.

"For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels."

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Picture credit: pixabay

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