The March 2017 RICS UK Residential Market Survey results continue to point to a relatively subdued picture for activity across the sector. Both new buyer enquiries and agreed sales were little changed, while the flow of properties coming to market remained in decline. What’s more, respondents expect only a modest improvement as the year wears on, with twelve month sales projections being trimmed in the latest report.
The headline price growth indicator registered a balance of +22% and has now remained in a narrow range (between +22% and +24%) for four consecutive months. However, the disparity between price trends in central London and the rest of the UK appears to have widened of late.
Indeed, when figures for the capital are excluded, price growth momentum has actually strengthened slightly since December. Within this, prices across the North West have been on a particularly firm upward trajectory. By way of contrast, the indicator in Central London has progressively deteriorated. In fact, at -49%, the net balance across the capital was the weakest since 2009. Nevertheless, 14% more respondents from London do anticipate prices will be higher (rather than lower) in twelve months’ time.
Source : RICS