Menu
14/05/2003
House market shows more signs of cooling
The Royal Institute of Chartered Surveyors (RICS) has said today that the housing market showed more signs of weakening in the first quarter of the year.
The RICS market survey for England and Wales reveals a weakening market as average house prices fell for the second month running with the available supply of property rising.
Buyers "remain cautious" say the RICS and are awaiting the end of the Iraq war and surveyor confidence is negative for the next three months.
For the three months to March, 25% more surveyors reported falling prices than rising on a seasonally adjusted basis compared to 9% in February. Unadjusted actual prices were down only very slightly. According to the survey, price rises were only apparent in the North, Yorkshire and Humberside and Wales.
Also, completed sales fell in the first three months of the year to their lowest level for two years on a seasonally adjusted basis.
Although surveyor confidence in sales prospects remains negative, the downturn in confidence is, says the RICS, "surprisingly fairly limited" in view of much weaker buyer enquiries, continuing uncertainty over the economic outlook and the duration of the Iraq war.
Price outlook confidence deteriorated further in March hitting a new survey low on a seasonally adjusted basis with 48% more surveyors expecting prices to fall than rise in the next three months.
On a seasonally adjusted basis 66% more surveyors reported a fall in buyer enquiries than a rise in March. New enquiries have dropped sharply since January with February's interest rate cut scarcely offsetting weak demand conditions.
However new instructions rose for a third consecutive month, though the pace of increase has tailed off sharply since January.
Among the mortgage lenders, the Nationwide posted the most optimistic quarterly data, claiming prices had risen by 3.9% in the first quarter of 2003, 6.7% down on the fourth quarter of 2002.
The Halifax said that prices had risen by 1.1% in March with the number of properties coming on to the market continuing to increase.
(GMcG)
The RICS market survey for England and Wales reveals a weakening market as average house prices fell for the second month running with the available supply of property rising.
Buyers "remain cautious" say the RICS and are awaiting the end of the Iraq war and surveyor confidence is negative for the next three months.
For the three months to March, 25% more surveyors reported falling prices than rising on a seasonally adjusted basis compared to 9% in February. Unadjusted actual prices were down only very slightly. According to the survey, price rises were only apparent in the North, Yorkshire and Humberside and Wales.
Also, completed sales fell in the first three months of the year to their lowest level for two years on a seasonally adjusted basis.
Although surveyor confidence in sales prospects remains negative, the downturn in confidence is, says the RICS, "surprisingly fairly limited" in view of much weaker buyer enquiries, continuing uncertainty over the economic outlook and the duration of the Iraq war.
Price outlook confidence deteriorated further in March hitting a new survey low on a seasonally adjusted basis with 48% more surveyors expecting prices to fall than rise in the next three months.
On a seasonally adjusted basis 66% more surveyors reported a fall in buyer enquiries than a rise in March. New enquiries have dropped sharply since January with February's interest rate cut scarcely offsetting weak demand conditions.
However new instructions rose for a third consecutive month, though the pace of increase has tailed off sharply since January.
Among the mortgage lenders, the Nationwide posted the most optimistic quarterly data, claiming prices had risen by 3.9% in the first quarter of 2003, 6.7% down on the fourth quarter of 2002.
The Halifax said that prices had risen by 1.1% in March with the number of properties coming on to the market continuing to increase.
(GMcG)
Related UK National News Stories
Click here for the latest headlines.
16 March 2006
Housing market recovery 'gathers pace'
The recovery of the housing market gathered pace in February, the Royal Institution of Chartered Surveyors has said. According to the latest Rics survey, 17% of its members in England and Wales saw increases in house prices last month, the biggest rise since June 2004.
Housing market recovery 'gathers pace'
The recovery of the housing market gathered pace in February, the Royal Institution of Chartered Surveyors has said. According to the latest Rics survey, 17% of its members in England and Wales saw increases in house prices last month, the biggest rise since June 2004.
14 May 2015
House Prices Increase Due To Shortages
House prices increased in all regions of the UK in April, while new instructions fell, according to a new survey.
House Prices Increase Due To Shortages
House prices increased in all regions of the UK in April, while new instructions fell, according to a new survey.
04 April 2014
House Prices Decline By -1.1%
House prices fell by -1.1% in March according to Halifax. This was the third monthly decline in the past 15 months. The monthly movements, however, can be volatile and the three month-on-three month change is a more reliable indicator of the underlying trend. However, house prices in the latest three months, January to March 2014, were 2.
House Prices Decline By -1.1%
House prices fell by -1.1% in March according to Halifax. This was the third monthly decline in the past 15 months. The monthly movements, however, can be volatile and the three month-on-three month change is a more reliable indicator of the underlying trend. However, house prices in the latest three months, January to March 2014, were 2.
13 October 2009
House Prices Begin To Rise
A lack of supply is still underpinning the house price recovery, says the Royal Institute of Chartered Surveyors (RICS) September housing market survey. Significantly, the headline RICS house price balance recorded the highest figure since the onset of the credit crunch.
House Prices Begin To Rise
A lack of supply is still underpinning the house price recovery, says the Royal Institute of Chartered Surveyors (RICS) September housing market survey. Significantly, the headline RICS house price balance recorded the highest figure since the onset of the credit crunch.
12 October 2010
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
