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Thursday, August 11, 2016

RICS surveyors feeling negative

RICS surveyors are having a gloomy old time of it.  A slow market is not a happy one for surveyors or agents.

Their latest survey, (July 2016) reflects the lack of stock in the housing market, with surveyors reporting another fall in new instructions. 

With surveyors increasingly reporting that 'supply is at or around record lows in most parts of the UK'. 

Anecdotal reports from surveyors put the stale market place down to the tax change on investment properties and the ongoing fall-out from the EU referendum as the cause. 

Simon Rubinsohn, RICS Chief Economist comments:
"The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance. Against this backdrop, it is not altogether surprising that near term activity measures remain relatively flat. However the rebound in the key twelve month indicators in the July survey suggest that confidence remains more resilient than might have been anticipated.

Critically, it is hard to escape the stark message regarding supply that is evident in the latest set of results with RICS data showing inventories on agents books around historic lows on average. This is a long running story that may have been exacerbated by recent events but clearly needs urgent action from the new government."

Read in full - RICS Residential Market Survey for July 2016

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