The November 2017 RICS UK Residential Market Survey results are again indicative of subdued momentum in the housing market. That said, after deteriorating in recent months, activity appears to be stabilising to some extent. At the same time the near term outlook for prices and sales is now broadly flat, with contributors appearing unconvinced that the market will gain impetus in the coming months. Feedback from respondents suggests that housing market activity continues to be stifled by a persistent shortage of new instructions along with economic uncertainty.
The headline price balance eased to zero in November following a reading of +1% in October. As such, this measure is broadly consistent with no change in national house prices over the period. However, once again, there were significant variations in price trends at the regional level. Indeed, London continues to return the most negative sentiment and respondents also continue to report downward pressure on house prices across the South East. Alongside this, the price gauge edged further below zero in East Anglia and remained slightly negative in the North East. Elsewhere, survey results continue to signal further price growth in all other regions/countries in the UK. In particular, solid gains were reported in Wales, Northern Ireland and the North West region.
Source : RICS