Housing

Activity in housing market falls

October 23, 2017 by Brendan

Property sales and buyer enquiries fell even further during September, according to a report from RICS.

The latest report from the Royal Institution of Chartered Surveyors (RICS), shows that a further fall in enquiries from buyers, for the sixth consecutive month, while agreed sales had also fallen.

The only UK regions to experience an increase in sales were the South West and Wales. Estate agents and property experts do not expect property market activity to improve during the coming three months, and some expect falling house prices rather than a rise.

According to experts, this may be due to unrest in politics and the economy, fewer homes for sale and limited affordability. In September, the Monetary Policy Committee indicated that a rise in interest rates may be imminent, maybe as soon as in November. This is making potential buyers cautious about buying property.

As fewer properties are coming onto the market, there are fewer options for home movers. This in turn impacts on first-time buyers, as there are fewer starter homes for sale. The high demand and shortage of homes is also keeping house prices at a premium, which impacts on affordability. However, property market activity varied across the UK, with London property values continuing to drop. Estate agents in Scotland, Northern Ireland and Wales are demonstrating optimism in the property market over the next year.

For those buyers who have managed to find an affordable property, advice from a CeMAP qualified mortgage advisor will help them find a mortgage.

Written by

Brendan
Brendan

You may also interested in:

Research shows product life-spans and rates falling

The latest piece of industry research has found that the average lifespan of a mortgage product has fallen over the past month, with fixed rates also falling during the same

Research indicates sole traders most wary of mortgage market

The latest research has discovered that sole traders are the segment of the self-employed market that is most wary of

Low deposit product number hits five-year high

The total number of low-deposit products that are available on the market has reached a five-year high, according to