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UK Housing Market Slump Shows Signs of Stabilizing, Agents Say
RICS said new buyer demand and agreed sales stayed weak, but the pace of decline stopped worsening as house prices edged lower.
- A slowdown in Britain's residential property market appears to have bottomed out, according to Tarrant Parsons, head of market research and analysis at RICS, though he cautioned recovery claims remain premature.
- Mortgage rates jumped amid economic uncertainty prompted by the conflict in the Middle East, squeezing buyer demand and pushing new buyer inquiries down with 34% of professionals reporting falls in May.
- RICS data for May showed 37% of professionals saw agreed sales fall and 35% reported house prices falling, though the unchanged readings suggest the pace of decline is no longer intensifying.
- Sales are taking 21.5 weeks to complete, the longest duration since RICS began recording this metric in 2017, indicating significant slowdown in transaction processing amid market weakness.
- Richard Donnell, executive director at Zoopla, said rent inflation is "more subdued across most of the UK," though areas under £750 monthly see 5% rises, nearly double the 2.1% national average.
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UK Housing Market Slump Shows Signs of Stabilizing, Agents Say
A slowdown in Britain’s residential property market appears to have bottomed out, according to a prominent survey, as buyers and sellers come to accept the reality of higher borrowing costs and weak sentiment.
·New York, United States
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Buyer demand and sales remain negative in May: RICS
Buyer demand and agreed sales remained in negative territory in May, but there were some signs of the market beginning to stabilise, the latest index from the Royal Institution of Chartered Surveyors found. New buyer enquiries recorded a net balance of -34% in May, unchanged… The post Buyer demand and sales remain negative in May: RICS appeared first on Mortgage Finance Gazette.
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Total News Sources17
Leaning Left4Leaning Right1Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 17%
R 16%
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