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The Masked Tulip

U.k. House Prices Fall, Sellers Abound

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LONDON—A rise in the number of homeowners looking to sell their properties pushed house prices lower in England and Wales in May.

The Royal Institution of Chartered Surveyors' monthly house price balance fell to minus-28 in May from minus-21 in April, marking the lowest level since January, it said Tuesday. The balance is the difference between the percentage of surveyors reporting higher prices and those reporting falls.

The weak reading easily missed forecasts for an improvement to minus-20 in a Dow Jones Newswires poll of economists last week.

The figures are the latest to suggest the housing market is in firm decline after a rebound in 2010. The Halifax mortgage lender said last week that prices in April fell at their fastest annual rate since October 2009.

Prices have been depressed by a variety of factors. Many prospective buyers have seen their monthly income fall in real terms as inflation has outpaced wage growth, making it less appealing to invest in a bigger property. The threat of job loss has also dissuaded some from taking on a bigger mortgage. First-time buyers in particular have been deterred by tight lending conditions.

The RICS said the fall in its balance in May was driven by a rise in the number of prospective sellers on the market, coinciding with a modest drop in people looking to buy.

The outlook for house prices also appeared to weaken. The RICS said surveyors' expectations fell for both sales and prices.

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Fourth or fifth headline on the 6am news:

The much hoped-for spring bounce in the housing market hasn't happened


Blaming the recession and lack of mortgage finance meaning lack of buyers

Edit: slight re-wording having now heard it twice

Edited by Frank Hovis

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It's not the balance between "higher prices" and falls though is it? I though it was the balance between "FLAT or higher prices" and falls.

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  • 312 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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