Activity in the housing market remained flat during July, with house prices slipping further, according to the latest Royal Institute of Chartered Surveyors (RICS) UK Housing Market survey.
22 per cent more chartered surveyors reported that prices fell rather than rose in July. While this represents a slight improvement on June's net balance of -26, this reading has now remained in negative territory for over a year. Large deposits required by lenders appear to be a stumbling block for many would-be buyers.
New instructions, which saw a slight upturn during the early part of the summer, fell back in July, with seven per cent more surveyors reporting falls rather than rises in new houses coming onto the market. With prices continuing to slip, it appears that many potential vendors are unwilling to accept reduced selling prices, so are reluctant to enter the market.
Elsewhere, demand edged up during July, with new buyer enquiries moving to a net balance of +5 per cent. Interest from potential buyers has now been relatively flat since the start of the year.
Across the country, London continues to buck the national trend as the only region to report a positive net balance for house prices, with 30 per cent more surveyors reporting rises rather than falls. The West Midlands and the East of England saw the most negative readings, with net balances of -44 and -40 respectively. Meanwhile, the capital recorded the strongest level of new buyer enquiries, again outperforming the rest of the UK.
Significantly, the average number of sales per surveyor over the past three months dipped to 14.2, the lowest level since June 2009. Alongside this, the average number of properties presently on surveyors’ books increased to 70.2 (from 69.7 in June).
Commenting, RICS spokesperson, Ian Perry said: "The UK housing market continued to stall during July; prices edged lower and sales levels remained subdued. While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first time buyers from accessing the market. Unsurprisingly, with prices continuing to fall, many would-be sellers seem unwilling to lower their expectations and are reluctant to place their property on the market."
(CD/GK)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
08/05/2024
Winvic Construction has been appointed to design and build the first industrial facility at SEGRO Logistics Park Northampton for end user Yusen Logistics. Winvic, SEGRO and Yusen Logistics celebrated the start of the 1.2 million sq ft project with a Japanese Kagami Biraki ceremony. The Kagami ...
08/05/2024
Bradford College has teamed up with Sewell Construction for the creation of its new multi-million-pound T Level facilities. The work, which starts in May, will involve the remodelling of a number of areas within the College’s David Hockney Building to create a high-quality training environment, ...
08/05/2024
BAM Construction has commenced work to develop a new primary and secondary school in Lyde Green, Bristol. Final funding agreements have been announced and contracts have been signed to deliver the new facilities in time for the start of the 2026/27 academic year. The 420-place, primary school ...
08/05/2024
JJ Rhatigan has appointed G&H Group to deliver a mechanical, electrical, and public health (MEP) design and build contract for the Crown Trading Centre in Hayes. Located in West London on the Grand Union Canal, property manager Greystar's £109m scheme will consist of 407 build to rent, affordable ...
08/05/2024
Significant progress has been made at Cwmbran station as works to make them fully accessible continue. Network Rail has successfully installed the lift shafts and staircases on platforms 1 and 2. The company welcomed Torfaen MP Nick Thomas-Symonds to the station to show him the lift shafts and to ...
08/05/2024
Underfloor heating systems offer a significant advantage in enhancing the overall value of a property. The inclusion of underfloor heating is perceived by potential buyers as a modern upgrade that adds a touch of luxury and sophistication. Properties equipped with underfloor heating tend to stand ...
08/05/2024
Did you know that a superior Energy Performance Certificate (EPC) could increase your property's value. As the UK housing market continues to evolve, Catherine Storer, Executive Director and construction industry expert at ...
08/05/2024
A pump chamber or pump sewage station are found in sewage systems such as a septic tank. When effluent requires the need to be discharged to the mains sewage treatment or a septic tank, if gravity prevents the wastewater from being pumped due to the site having a higher-water level, then you will ...
07/05/2024
Construction work has commenced at Cordia UK's latest project and inaugural build-to-rent (BTR) development, The Lampworks. The Birmingham-based property developer has appointed Shropshire-based construction management practice buildfifty5 to deliver the main construction works for the project in ...
07/05/2024
Wates has held a 'topping out' ceremony with Riverstone to mark the structural completion of a later living residence, Riverstone Bishops Avenue. The ceremony was attended by the Mayor of Barnet, the Barnet Education and Learning Service, Barnet & Southgate College and also BOOST, who work with ...