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17/06/2003
RICS 'confident' despite slide in house sales
Fears earlier this year of a significant fall in house prices are receding as confidence in the market strengthens, the Royal Institution of Chartered Surveyors (RICS) has said in its latest survey of England and Wales, published today.
In terms of new buyer enquiries and surveyor confidence in future sales, a generally stronger picture has emerged in southern regions, following an improvement in London for April, the report found.
However, this cannot obscure the current market slide, which saw overall sales down 21% for May compared to last year, and the stocks of unsold properties on the market at the highest level since September 2000.
RICS housing spokesman Ian Perry said that the market remained "sluggish" due to a weakness in demand, and the south continues to experience declining prices. Although, the situation in the south was being partly offset by price rises in the north, he said.
He added: "The declining number of enquiries has shown some signs of bottoming out indicating the market is stabilising, rather than showing any renewed vigour just yet."
However, Mr Perry said but despite this, "we are seeing confidence from London spreading out across the southern region".
But in terms of RICS registered members, confidence levels are now "at their highest level for six months", with 13% more members saying they expect to be handling more sales over the next three months.
Nationwide, for the three months to May, 25% more surveyors reported a fall in prices than reported a rise, a slight improvement on the previous survey’s figure.
The survey points to low interest rates and a post Iraq-effect as key contributors to rising surveyor confidence.
(GMcG)
In terms of new buyer enquiries and surveyor confidence in future sales, a generally stronger picture has emerged in southern regions, following an improvement in London for April, the report found.
However, this cannot obscure the current market slide, which saw overall sales down 21% for May compared to last year, and the stocks of unsold properties on the market at the highest level since September 2000.
RICS housing spokesman Ian Perry said that the market remained "sluggish" due to a weakness in demand, and the south continues to experience declining prices. Although, the situation in the south was being partly offset by price rises in the north, he said.
He added: "The declining number of enquiries has shown some signs of bottoming out indicating the market is stabilising, rather than showing any renewed vigour just yet."
However, Mr Perry said but despite this, "we are seeing confidence from London spreading out across the southern region".
But in terms of RICS registered members, confidence levels are now "at their highest level for six months", with 13% more members saying they expect to be handling more sales over the next three months.
Nationwide, for the three months to May, 25% more surveyors reported a fall in prices than reported a rise, a slight improvement on the previous survey’s figure.
The survey points to low interest rates and a post Iraq-effect as key contributors to rising surveyor confidence.
(GMcG)
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