–RICS: Net -44% Surveyors Saw UK House Prices Rise in Nov
–RICS: Nov New Buyers Enquiries Balance -18 Vs -12 Oct
–RICS: Nov Sales-to-Stocks Ratio 21.3% Vs Oct’s 22.6%

LONDON (MNI) – The UK house market remains firmly in the doldrums,
with many more surveyors reporting prices falling rather than rising in
November, according to the latest RICS Housing Market Survey.

The price balance indicator bettered the eight-month low hit in
October of -49%, but it is still lower than the -36% in seen in

Expected prices broadly kept the same pace of decline in November,
with the net balance edging up from -42 to -41.

The survey found evidence of softening demand in the UK housing
market, with the new buyers enquiries balance falling to -12 from -2 in
September. October housing transaction levels, measured by average sales
per surveyor, fell to 15.2 in October from September’s 16.7.

New buyer enquiries declined in November, with the net balance
falling to -18 from -12 in October and -2 in September.

The November sales-to-stocks ratio, measuring properties sold
relative to those on surveyors’ books, fell to 21.3% from October’s
22.6%. This is the lowest sales to stock ratio since May 2009.

But while buyer demand appears to be weakening, so does housing
supply, RICS found the new instructions balance remained at its low
level of -4% in November.

“Confidence has been severely damaged by the threat of job losses
due to the proposed spending cuts and, for those who do still have any
confidence, getting the right finance deal is just becoming more and
more difficult,” said RICS spokesman Richard Powell.

“Prices are staying more or less the same but there are not really
enough transactions to make sensible observations,” he added.

–London newsroom 4420 7862 7491 email: wwilkes@marketnews.com