Estate agents report lowest stock of homes since 1978

Thu, 13 Jul 2017

Estate agents report lowest stock of homes since 1978
The average supply of housing stock has fallen to a record low with the housing market 'stifled' by uncertainty, according to the Royal Institution of Chartered Surveyors (RICS).

The RICS residential market survey in June found that the stock of properties on surveyors' books had fallen for the 16th consecutive month, dropping to 42.5, which is the lowest number since the survey began back in January 1978.

Price rises in the south of England have stalled according to respondents, who expect sales activity to remain poor in the next year.

RICS' poll figures showed that 44 per cent blamed political uncertainty as the biggest reason for the current state of the housing market, while 27 per cent identified Brexit as being the main factor.

However, in London, surveyors blamed stamp duty reforms, Brexit and the political climate equally for the slowing activity.

Simon Rubinsohn, chief executive of RICS, said: "High-end prime properties may be seeing prices slipping back but, for good or ill, prices are continuing to move higher in many other segments of the market.

"Indeed, the disaggregated data suggests that this will continue to be the case over the coming months.

"Perhaps not surprisingly in the current environment, the term 'uncertainty' is featuring more heavily in the feedback we are receiving from professionals working in the sector.

"This seems to be exerting itself on transaction levels which are flatlining and may continue to do so for a while particularly given the ongoing challenge presented by the low level of stock on the market."

Brian Murphy, head of lending at the Mortgage Advice Bureau, said: "Of course, the ongoing lack of supply seen in some areas is going to impact on the amount of transactions, as less stock available equates to less choice for buyers in practical terms, who may now just take a little longer to find what they are looking for."
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.




mths

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
FAQ
Sitemap

Get in Touch