The October 2017 RICS UK Residential Market Survey shows both demand and sales continuing to soften at the national level, with most regions displaying a flat to negative trend in the latest results. Meanwhile, forward looking indicators are suggesting momentum is likely to remain subdued, at least in the near term.
The national price net balance eased to +1% in October, following a reading of +6% in both the previous two months. This measure is now consistent with a flat price trend on a UK-wide basis, although there remains significant variation across regions. Indeed, respondents in London continue to report downward pressure on prices, with the net balance coming in at -63% (the poorest reading since 2009). Similarly, the price gauge remains negative in the South East (albeit to a significantly lesser extent than in the capital), while East Anglia and the North East also returned readings below zero. By way of contrast, the price balances elsewhere remain generally firm, with the North West of England, Wales, Scotland and Northern Ireland all returning numbers consistent with further house price gains.
Source : RICS