–RICS: Net 9% Surveyors Saw UK House Prices Up In Mar Vs 18% Feb
–UK House Vendor Activity Picks Up; Enquiries Stabilise
LONDON (MNI) – A declining balance of property surveyors are seeing
house price rises, according to the latest report from the Royal
Institute of Chartered Surveyors.
The net price balance in the March survey dropped to 9% from 18% in
February and 30% in January, having hit a three year high of 35% in
November. The survey adds to the evidence that the UK housing market
recovery is running out of momentum.
The survey found more properties coming onto the market and fewer
completed sales.
After 14 months of consecutive increases, the new buyer enquiries
balance showed was flat, falling from 7 in February.
Vendor activity rose, with the new instructions net balance
climbing to 21 from 16, the highest reading since May 2007.
The sales-to-stock ratio fell in March to 25.5 from 27.8 in
February, hitting its lowest level since July 2009.
The average stock of property on surveyors’ books rose to 67 per
surveyor from 63, a 6% rise on the month and the largest such increase
since February 2008. The average number of completed sales fell to 17
per surveyor from 18 in February.
“With the general election approaching and uncertainty growing over
the political direction of the country, many vendors who were previously
inclined to sit on the sidelines now appear eager to put their
properties on the market,” Ian Perry, RICS spokesperson, said.
The evidence of an increase in the number of vendors curbing house
prices rises is in line with expectations at the Bank of England.
BOE Monetary Policy Committee member Kate Barker told the Treasury
select committee in February “it is possible that some people were
delaying decisions to move or put houses on the market and … that
cannot continue.”
She added the UK housing sector may “continue to be quite weak
through this year.”
–London newsroom 4420 7634 1624; email: ukeditorial@marketnews.com
[TOPICS: MABDS$,M$B$$$,MABDA$]
