Rics: Housing activity slumped in December due to big freeze

| January 18, 2011
Rics: Housing activity slumped in December due to big freeze

The Royal Institution of Chartered Surveyors (Rics) has today revealed activity in the UK housing market fell in December as heavy snowfall gripped most of the country during the month.

The Institution said new buyer enquiries were down, while new instructions from vendors fell to an 18-month low.

Uncertainty surrounding the economy and the ongoing mortgage rationing also continued to weaken demand, said the Rics.

Meanwhile, its survey revealed 39% more surveyors reported house price falls than gains in December, down from 44% in November.

The Rics said its surveyors expects the housing market to pick up during the spring.

A recent survey by the National Association of Estate Agents reflected this and said its members had noted a sharp rise in interest among buyers and sellers already this year.

Commenting on its survey, Jeremy Leaf of Rics, said: “Although bad weather hit the housing market during December sales levels have remained stable.

“While lack of supply, and more importantly demand continues to impact heavily, surveyor sentiment does appear more positive for the coming months,” he added.

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