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Thursday, June 11, 2015

Fewer properties coming to the market - RICS

The property market has failed to bounce back into gear following the election. The RICS UK Residential Market Survey for May 2015 puts stock levels at the lowest since their records began, back in January 1978.

Surveyors report that new instructions have fallen for the fourth consecutive month, with stock levels 12% down on the start of the year.

A desperate lack of supply has failed to meet the rise in new buyer enquiries, pushing up property prices again in May.

The North West and London saw the biggest drop in supply.

RICS chief economist, Simon Rubinsohn commented 

“There had been some hope that the removal of political uncertainty would encourage more properties on to the market, but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices across much of the country are continuing to be squeezed higher, with property set to become ever more unaffordable.”

Commenting that the restrictive supply 

“points to prices at a headline level rising by another 25% over the next five years”.

Rental demand

RICS say tenant demand is up in May (on a non-seasonally adjusted basis) and expect rental growth for the fifth straight month, with the East Midlands and South West looking the strongest for potential rental growth.

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