Rics: Housing market remains weak in July

| August 9, 2011 | 0 Comments

The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in July with house prices falling further.

According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate.

The Rics report said 22% of surveyors reported house prices fell rather than rose. While this represents a marginal rise on June’s figure, the reading has been in negative territory for more than a year.

Commenting on the survey, Ian Perry of Rics said: “While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first-time buyers from accessing the market.”

Mr Perry added that sellers remain reluctant to lower their asking prices, while would-be sellers are cautious of entering the market in its current state.

In the meantime, the number of completed home sales fell to an average of 14.2 per surveyor last month – the lowest level since June 2009.

Finally, surveyors remain negative about the direction of future house prices with 13% more surveyors expecting prices to fall rather than gain over the next quarter.

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