Quiet as Housing and Property Market Flatlines
Published / Last Updated on 10/04/2019
The latest Royal Institution of Chartered Surveyors (RICS) report shows the housing market is still quiet. Demand for housing has been flat now for the last 8 months.
RICS reported that the demand for housing has dropped and is now affecting all parts of the UK. They have also seen a drop in new properties coming to market.
The weakest house price movement was in London and the South East. The South West remained quiet also. Whilst Scotland and Northern Ireland over the last 2 months price growth held up.
London and the South East surveyors have said prices will continue to drop, but prices are likely to return to growth in the UK over the next 12 months.
The uncertainty of Brexit is a contributing factor to the current housing market, but many surveyors feel that there will be an improvement over the next 12 months. Mortgages are more competitive now as lenders are reviewing their rates to attract new customers and to help stimulate the property market.