RICS survey suggest election contributing to property market slowdown

Fri, 09 Jun 2017

RICS survey suggest election contributing to property market slowdown
Property surveyors suggest that the slowdown in the housing market has been partly caused by uncertainty over the general election.

Members of the Royal Institution of Chartered Surveyors (Rics) have said that the election has contributed to the poor performance of the housing market in May.

Rics members claim that many people who may have been involved in housing transactions have adopted a 'wait and see' mentality.

The Rics survey also suggested that there were falls in both sales and demand over the course of May, and price growth slowed too.

On the whole, surveyors seem to expect prices to drop in the near future, but believe that they will recover in the mid- to long-term.

There was another record low in the average number of properties on the books of surveyors, with this average at just 43.

The Halifax recently revealed that annual house price inflation had dropped to 3.3 per cent during May, and house prices fell by 0.2 per cent over the quarter.

"The latest survey suggests that uncertainty related to the general election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring," said Simon Rubinsohn, Rics chief economist.

He said he was particularly worried about the pipeline of new properties being put up for sale.

"The increasingly tight second-hand market remains a cause for concern with the RICS series tracking new instructions to agents recording its fifteenth successive negative reading."

Property expert Henry Pryor said the election result could have a big impact on house prices.

"Will what I buy today be worth more or less on Friday?" is a question I am asked a lot. Some clients even delay exchanging contracts until after they know the result."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.


Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch