Supply of new property falls back with demand failing to pick up
The UK housing market remained flat in June according to the latest monthly survey from the Royal Institute of Chartered Surveyors. There was little change in the demand for property with a net balance of 0% recorded – continuing the broadly flat results of the last six months.
There was a dip in the supply of new properties in June, offsetting the increases reported in April and May. Net instructions fell back to a net balance of +1% from a high of +14% last month.
Overall activity levels barely changed in June. A slight increase in newly agreed sales was also confirmed with 6% more surveyors reporting a rise.
Housing prices continued to slip during June with 27% more surveyors reporting price falls than rises. The survey also revealed that 27% more respondents expected prices to fall rather than rise over the next three months.
Commenting on the results of the survey, RICS housing spokesperson, Alan Collett, said:
“The housing market was pretty flat during June. Buyer interest in purchasing property remains relatively low across much of the UK and the volume of new stock coming to the market has slackened.
“With continued uncertainty over the jobs market and the economy, this subdued picture is set to continue. London, however, remains a market apart with both sales and prices showing a greater degree of resilience.”