The Royal Institution of Chartered Surveyors (Rics) has given another negative rating to the UK housing market for its net balance for new buyer inquiries of -11 percent for the month of January. This is the tenth month in a row that market has received a negative rating. On the other hand, the Rics national price balance is at 8% which marks the second consecutive month of growth.
- The net balance for new buyer inquiries in the UK has received a negative rating for 10 consecutive months
- 67% of respondents stated that properties marketed above £1m were being sold below asking price
- Experts attribute the middle to upper market shift to a combination of Brexit, Stamp Duty, and Buyer profile changes
The Royal Institution of Chartered Surveyors reported that the net balance for new buyer enquiries in January was -11 per cent, the 10th month in a row that the reading has been negative.
The latest Halifax report on house prices released earlier this week showed a decline in average year-on-year house price growth to 2.2 percent in January, down from a rate of 4.5 percent as recently as October.
A Changing Market
“Middle and upper market significantly affected by Brexit/Stamp Duty/Buyer profile change,” wrote John Frost of the Frost Partnership in Gerrards Cross, Buckinghamshire.
Before the 2016 referendum, the Treasury projected that average national house prices by the end of 2018 could be 10 to 18 percent lower than otherwise in the event of a Leave vote.
Read the full article at: The Independent