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UK Residential Market Survey

Uncertainty stifles market sentiment

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Uncertainty stifles market sentiment

The June 2017 RICS UK Residential Market Survey points to a further deceleration in house price inflation at a headline level although this masks significant regional variations. At the same time, the more cautious tone of respondents regarding sales activity shows little signs of turning with the net balances for new buyer enquiries, new instructions and agreed sales still stuck in negative territory. Significantly this is now also being reflected in the twelve month sales expectations indicator where the net balance reading has slipped to its lowest level since the immediate aftermath of the referendum.

The headline price balance eased from +17% to +7% in June, the softest reading since last July, however, this loss of momentum is not reflective of the underlying trend in all parts of the country. London data (largely picking-up the prime market) continues to return the most negative net balance with no real easing observable in the pace of decline (of prices). Alongside this, the price balance is now more subdued in both the South East (which also better captures the mainstream market within the capital as well as the wider region) and East Anglia whilst the North continues to show little change from recent readings. There are, however, some notable exceptions with Northern
Ireland posting a net balance of +41%, Wales a reading of +38% and the West Midlands and the North West at +33% and +28% respectively.

Source : RICS

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