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UK Residential Market Survey

Key indicators show little near term impetus

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The April 2017 RICS UK Residential Market Survey results show momentum continuing to ebb, with sales declining slightly over the month and the new buyer enquiries series edging lower. Meanwhile the flow of fresh listings to agents (new instructions) weakened further. Anecdotal evidence, highlighted in the comments of some respondents to this survey, suggests that the calling of an early election may have created an added layer of uncertainty in the market although there is also a sense from others that the impact may be somewhat less marked than in the past. In addition, once again prevalent in the feedback are references to the ramifications of stamp duty changes for sales particularly at higher price points.

Despite all of this, the headline price growth indicator returned a net balance of +22% (which was unchanged from the March report). As such, this measure remains consistent with steadily rising house prices nationally, with the pace of growth having remained essentially unaltered over the past five months. However, the UK-wide gauge does mask variation across regions. Indeed, the reading for central London prices has now lingered in negative territory for thirteen months in succession (albeit the latest reading was less negative than previously).

Source : RICS

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Keywords : RICS