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Rics Survey Improves Slightly Again

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from -26% to -23%

http://www.google.com/hostednews/ukpress/article/ALeqM5hTh3KMHDZtMmEEX1BrlO8Futi8RA?docId=N0531501302540128980A

Regional differences in the housing market became increasingly marked during March as activity remained subdued and prices continued to fall, research shows.

The number of potential buyers registering with estate agents fell slightly during the month as concern over the state of the economy and worries about rising interest rates added to the problems in the mortgage market, the Royal Institution of Chartered Surveyors said.

A balance of 6% more surveyors reported a fall in buyer numbers in March, with the ongoing shortage of demand continuing to put downward pressure on prices.

Across the UK, 23% more surveyors said house prices fell last month than those who reported a rise, although the majority of those who thought property values declined said they dropped by less than 2%.

However, there were significant regional variations, with a balance of 17% of surveyors in London actually reporting price rises, while the proportion of those reporting price falls was lowest in Scotland, the South East and East Anglia.

At the other end of the spectrum, a balance of 52% of surveyors in the East Midlands and 51% in Yorkshire and Humberside said house prices fell, with surveyors in these regions also reporting steep falls in sales.

Buyer demand increased in Scotland, Wales and the South East, but surveyors in large parts of the Midlands and northern regions of England reported a considerable drop in activity.

John Francis, of Crapper & Haigh in Sheffield, said: "The market remains very difficult at present with lower viewer numbers than this time last year.

"Whilst sales instructions increased over the last month this is largely fuelled by repossessions."

The number of people putting their home on the market rose slightly during March, but the level of sellers has remained broadly flat since September last year, while the number of new sales agreed was broadly unchanged from the previous month.

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Across the UK, 23% more surveyors said house prices fell last month than those who reported a rise, although the majority of those who thought property values declined said they dropped by less than 2%.

...

At the other end of the spectrum, a balance of 52% of surveyors in the East Midlands and 51% in Yorkshire and Humberside said house prices fell, with surveyors in these regions also reporting steep falls in sales.

Over £200bn of Quantitative Easing.

Over two years of Support for Mortgage Interest.

Over two years of Special Liquidity Schemes.

Over two years of ZIRP (Zero Interest Rate Policy).

And STILL house prices are falling. The crash can only be delayed; the piper has not yet been paid.

My sympathies to those who live in the South East. Can't be easy buying a home with all those affluent financial debt wizards using your (and your children's) taxes to price you out of the market.

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The BBC's take on it...

BBC: Property market still in the doldrums, say surveyors

There is no sign yet of the UK property market pulling out of the doldrums, says the Royal Institution of Chartered Surveyors (Rics).

Its latest monthly survey shows sales and prices were generally flat, while interest from would-be buyers was declining.

The survey results chime with those of other recent property surveys.

However, Rics said there were big regional differences, with London very different to the rest of the UK.

"The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London," said Rics housing spokesperson, Ian Perry.

"The low level of buyer interest in many parts of the UK continues to impact on the market, resulting in some downward pressure on prices.

"With the prospect of forthcoming interest rate rises and continued shortage of mortgage funding, it seems that overall recovery for the national housing market is still some way off," he added.

Capital gains

The Rics survey was based on answers from 259 surveyors who work as estate agents and the survey has traditionally had its finger on the pulse of the market.

The March survey found that nearly 60% of surveyors reported no change at all in the prices of the properties they had sold.

Where prices had fallen, they were normally just 0%-2% lower than before.

"Within England and Wales, a clear North South divide is emerging, with London being the only region recording rising prices, demonstrating that the capital is still operating under different market conditions to the rest of the country," Rics said.

The generally stagnant nature of the property market was highlighted by the fact that completed sales per surveyor fell to their lowest level for 21 months, at just 14.4 sales in the past three months.

Meanwhile the number of homes for sale also dropped, to 64.6 per surveyor.

"the capital is still operating under different market conditions" - now why is that...? :rolleyes:

"Where prices had fallen, they were normally just 0%-2% lower than before" ... and yet the price of everything else is rapidly increasing! - now why is that...? :rolleyes:

"completed sales per surveyor fell to their lowest level for 21 months" ... and yet this is supposed to be the start of the spring bounce! - so why is that...? :rolleyes:

Top notch analysis once again from the British Press Release Reporting Corporation.

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"the capital is still operating under different market conditions"

I'd say this is largely due to the stamp duty increase for £1m+ giving London and to a lesser extent the south east a boost the last couple of months as buyers rush through purchases. I expect they will both be nicely negative again from next month.

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The non-seasonally adjusted figures paint a much less pronounced picture. RICS has applied -8 of adjustments in Feb/March to be balanced out in the coming months. What their messing about hides is that Feb and March were almost identical months- spring bounce?

month...nsa..sa

Jan-11..-31..-31

Feb-11..-21..-26

Mar-11..-20..-23

Edited by cheeznbreed

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"The rather negative outlook for property prices across the UK "

What, are prices going up again !!!!!!!!!

Lower prices are better you numbskulls !!!!

Even for the agents they would be better...more sales volumes, more commission...how long will it take for these bozos to work this out !!!

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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