RICS: UK property market is slowing down.
A recent RICS survey has revealed that the UK property market is starting to slow down after a price boom.
Demand for new homes, while still high, appears to be slowing, according to the latest RICS UK Residential Markey Survey.
The survey, released yesterday, revealed that 14 percent of correspondents reported an increase in inquiries from new buyers throughout June, up from 43 percent in April.
“What’s more, this relaxation in momentum,” wrote RICS in its report, “is visible in virtually every UK region/country covered by the survey.”
The report continues: “However, the latest comments continue to point to clear excess demand oversupply. In fact, the net balance for new instructions was -34 percent (down from -24 percent previously) during June, consistent not only with a third consecutive monthly drop in new quotes but also pointing to an accelerating rate of decrease. While a net balance of +17 percent of survey participants still note that the number of market assessments being conducted is getting ahead of the comparable period last year, this indicator has gotten slightly softer on each of the last two months (the net balance was + 34 percent in April, + 24 percent in May).”
The end of the SDH would be related to this slowdown.
Like Tomer Aboody, director of MT Finance, some said that house prices would continue to rise shortly. He added: “With the shortage of properties on the market and demand at its highest level in a long time, quality properties are selling quickly and at higher values. A reduction in instructions will help continue this upward trend as multiple buyers battle for their dream home and can access cheap mortgage rates.”
Others were more critical. Sarah Coles, a personal finance analyst at Hargreaves Lansdown, said: “Panicked buyers have been clearing the shelves of realtors again. The number of new properties for sale declined for the third month in a row, so while buyers have come to market more slowly, there are still plenty to ensure that any promising new property is acquired overnight. It means buyers are being sucked into a bidding rush, then a bidding war, and even after they get a property, they are at a higher risk of being duped.”
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