UK Buyer Demand Drops for Second Month

UK Buyer Demand Drops for Second Month.

The Royal Institution of Chartered Surveyors (RICS) has said that house prices in the UK moderated and buyer demand has fallen for the second month in a row. House price momentum has also slowed to the same level as a year ago.

The latest residential market survey from RICS showed that the number of agreed house sales also took a hit for the first time since 2012. However, this is not bad news as the overall picture shows a return to a less volatile market with more stable house price expectations for the next three months.

Housing in demand across the nation varied with demand outside London being particularly positive. Buyer enquires in Northern Ireland (52%) and Scotland (43%) remained strong.

The housing market was hit with the Mortgage Market Review (MMR) and stronger checks were making it increasingly difficult for new home buyers. This and a shortage of conveyancers had added weeks onto completing a transaction.