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Thursday, May 11, 2017

Surveyors see sales dry up

The country is experiencing a dry spell. 

Surveyors have shared their experiences of the April property market in the RICS UK Residential Market Survey : April 2017; in short, it's sticky, and nothing on the horizon points to things getting any better.

Although, forever the optimists, surveyors believe things might pick up next year....

Key observations -
  • Newly Agreed Sales and New Buyer Enquiries are low, and getting lower.
  • Stock levels remain low, with no sign of any flood of new listings.
  • Sentiment in the industry is this parched market isn't going to change anytime soon.
  • Prices up, but only thanks to the dearth of supply.
Surveyors blame the low level of new instructions on a lack of choice to tempt  sellers, election uncertainty, and recent stamp duty changes.

They predict this slow market to continue over the coming quarter, and as an industry, hope that things might pick up in 2018, rather than citing any actual economic indicators.

Some surveyors highlight the issue of overvaluations; with restricted supply possible forcing agents to scrabble for clients by flattering potential sellers with unrealistic asking prices.

"Over valuing remains the scourge of the market. Buyers are positive but will not be led to a high price plateau without stronger evidence of inflation." commented Neil Foster, Newcastle upon Tyne, Foster Maddison Property Consultants.

So low activity and house prices starting to fall; is a storm brewing or possibly an earthquake?

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