The RICS have issued their January review indicating that a lack of buyer demand and low levels of supply got the housing market off to a poor start this year. The RICS report indicates that agreed sales continue to drop while weakness in market activity was at its lowest point since June 2009. A RICS spokesperson has indicated that “uncertainty over the prospects for employment, alongside the shortage of mortgage finance, particularly for first time buyers, continues to way heavily on transaction levels.”
Although the RICS survey is a small snapshot it is taken into account by the Bank of England’s Monetary Policy Committee at its monthly meetings to set interest rates.
This report certainly accords with my view and indicates the need for Government intervention and also shows the importance of an innovative and sales driven solicitor estate agent. I will continue to keep you updated in respect of future figures and analysis.
Head of Property Services
- House prices drop as demand ‘hit by interest fear’ (independent.co.uk)