Rics provides gloomy outlook for housing market

| November 9, 2010
Rics provides gloomy outlook for housing market

The Royal Institution of Chartered Surveyors (Rics) today reported the lack of buyers continue to weaken house prices.

In its latest survey, it found that new buyer enquiries declined for the fifth month in a row as the housing market continued to slow amid the uncertain economic climate.

Many potential buyers have said they remain cautious and intend to wait until next spring before making a decision.

Meanwhile, the Rics said 55% of its surveyors said prices fell locally in the last three months, while just 4% said that prices were on the up.

The Institution also said the number of completed sales dropped to an average of 15.2 per surveyor in the past three months, from 16.7 in the three months to September – this represented the worst figure since June 2009.

There appears to be little good news in the housing market of late.

Many reports suggest house prices will continue their downward trend over the next few months, due to the high level of instructions on the market, coupled with a lack of buyer demand.

However, last week, the Halifax revealed UK house prices rose by 1.8% in October, following a 3.6% fall in September.

In contrast, the Nationwide Building Society revealed a 0.7% fall for the month of October.

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