Enquiries and sales both declined in July, signalling that we are currently experiencing a slower housing market.<\/p>\n
New buyer enquiries dropped by a net -6% while\u00a0a net -16% saw sales decline in July, the Royal Institution of Chartered Surveyors (RICS) UK Residential Survey has found.<\/p>\n
Demand was particularly weak across East Anglia, the South East and the South West of England.<\/p>\n
Prices rose in Northern Ireland, Scotland, and the North West, while they dropped in East Anglia.<\/p>\n
Simon Rubinsohn, RICS chief economist, said: \u201cThe somewhat flatter tone to the feedback to the July RICS Residential Survey highlights ongoing challenges facing the housing market.<\/p>\n
\u201cAlthough interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions.<\/p>\n<\/p>\n
\u201cMeanwhile, uncertainty about the potential contents of the Chancellor\u2019s autumn budget is also raising some concerns.<\/p>\n
\u201cAgainst this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time.\u201d<\/p>\n
Emma Cox, managing director of real estate at Shawbrook, said: \u201cEconomic uncertainty and a lack of incentives for first-time buyers has contributed to a slight dip in activity.<\/p>\n
\u201cProspective buyers should be relieved that the Bank of England\u2019s decision to cut the base rate should keep mortgage rates stable and provide added impetus in the market.<\/p>\n
\u201cAs a result, many have been driven to the rental market, which \u2013 despite heightened demand \u2013 is still experiencing a lack of quality supply and is struggling to keep pace with the influx of new tenants. Professional landlords should see this as an opportunity to capitalise and expand their portfolios \u2013 with more competitive buy-to-let mortgage rates providing a potential catalyst.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Enquiries and sales both declined in July, signalling that we are currently experiencing a slower housing market. New buyer enquiries dropped by a net -6% while\u00a0a net -16% saw sales decline in July, the Royal Institution of Chartered Surveyors (RICS) UK Residential Survey has found. Demand was particularly weak across East Anglia, the South East […]<\/p>\n","protected":false},"author":1,"featured_media":2375,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n