House prices across the UK have plateaued and price negotiation has returned to the market, according to estate agents responding to the latest RICS survey, marking a significant shift from the competitive conditions of two years ago.<\/p>\n
Neil Foster of Walhouse Surveyors & Valuers in Hexham, Northumberland, reported that prices across all residential categories have \u201cat best, plateaued since the autumn\u201d with price negotiation \u201ccreeping back into the market where two years ago sealed bids and gazumping were commonplace.\u201d<\/p>\n
Foster added that \u201cuncertainty over events in the Gulf are likely to further stall the market for the foreseeable.\u201d<\/p>\n
Bruce Collinson of Adair Paxton in Leeds noted that agreed prices are \u201ctypically some way, 5% or more, below asking prices,\u201d indicating increased buyer negotiating power compared to the heightened competition experienced in 2024.<\/p>\n
Rob Swiney of Jackson Stops in Ipswich characterised current conditions, stating: \u201cThe market is open for business but is also very price sensitive at the same time.\u201d<\/p>\n<\/p>\n
Alex McNeil of Bramleys in Huddersfield described the housing market as in a state of \u201ccurrent malaise,\u201d explaining that \u201cthere is a sense that the market is being held back by weak job security despite low interest rates.\u201d<\/p>\n
The RICS survey indicates that confidence in the UK housing market weakened in February as renewed geopolitical and macroeconomic uncertainty have affected buyer sentiment.<\/p>\n
Mark Wood of Blues Property in Cambridge commented on the potential impact of geopolitical events: \u201cThe start of the conflict in Iran will change the outlook in the residential market. It was hoped that interest rates would be cut again after a drop in inflation, although now with oil prices already increasing, the hope of an interest rate drop have disappeared. Likely the market will stagnate.\u201d<\/p>\n
The survey responses suggest a market correction from the competitive conditions of 2024, with buyers now holding greater negotiating power and price growth stalling across residential categories.<\/p>\n","protected":false},"excerpt":{"rendered":"
House prices across the UK have plateaued and price negotiation has returned to the market, according to estate agents responding to the latest RICS survey, marking a significant shift from the competitive conditions of two years ago. Neil Foster of Walhouse Surveyors & Valuers in Hexham, Northumberland, reported that prices across all residential categories have […]<\/p>\n","protected":false},"author":1,"featured_media":8583,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n