RICS UK housing market survey

Citation

(2008), "RICS UK housing market survey", Structural Survey, Vol. 26 No. 2. https://doi.org/10.1108/ss.2008.11026bab.003

RICS UK housing market survey

Article Type: Newsbriefs From: Structural Survey, Volume 26, Issue 2.

Keywords: Market economy, United Kingdom

The balance of Chartered Surveyors reporting house prices falls increased to near historical levels in February 2008 and stock piles rose to levels not seen for a decade, says RICS’s UK Housing Market Survey. The RICS house price balance dropped for the seventh month in succession signalling more than half a year of negative market sentiment. In total, 64.1 per cent more Chartered Surveyors reported a fall than a rise in house prices, an increase from 54.7 per cent in January. This figure is close to the historical low of June 1990 when 64.5 per cent more Chartered Surveyors reported a fall in house prices. However, Scotland tells a different story. The net balance of surveyors reporting price rises surged from 7 to 25 per cent - a significant jump in the current economic climate, indicating that Scotland still remains the most buoyant market in the UK. RICS spokesman Ian Perry commented: “Confidence in the market is clearly having an effect on prices. A combination of a lack of available finance and weakening demand is causing a slow drop in capital values. While there is very little new supply coming onto the market, it is unlikely that there will be significant price drops in the short term but the build up of unsold stocks will encourage buyers to negotiate lower asking prices.”