Excerpt from the linked content^1 by Julia Kollewe:
>Property sales and house prices continued to decline across the UK in January, while new buyer demand and fresh listings were also down, surveyors have reported.
>A net balance of -47% for new buyer inquiries was reported, down from -40% in December, according to the latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics).
>It was the weakest monthly reading since April 2009 and the ninth successive negative monthly reading for new buyer inquiries.
>The Rics survey measures the difference between the number of estate agents and property surveyors reporting increases and those experiencing decreases in different areas of the property market.
>The volume of fresh listings coming on to the market was also down, according to the survey, with a net balance of -14% respondents reporting a decline in new instructions during January.
>Meanwhile, the latest feedback on national house prices points to another monthly decline, as the net balance weakened further to -47% compared with a reading of -42% in December.
>All regions of England are seeing house prices retreat at present, with the sharpest drops reported across the east Midlands and the south-east.
6 comments
Excerpt from the linked content^1 by Julia Kollewe:
>Property sales and house prices continued to decline across the UK in January, while new buyer demand and fresh listings were also down, surveyors have reported.
>A net balance of -47% for new buyer inquiries was reported, down from -40% in December, according to the latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics).
>It was the weakest monthly reading since April 2009 and the ninth successive negative monthly reading for new buyer inquiries.
>The Rics survey measures the difference between the number of estate agents and property surveyors reporting increases and those experiencing decreases in different areas of the property market.
>The volume of fresh listings coming on to the market was also down, according to the survey, with a net balance of -14% respondents reporting a decline in new instructions during January.
>Meanwhile, the latest feedback on national house prices points to another monthly decline, as the net balance weakened further to -47% compared with a reading of -42% in December.
>All regions of England are seeing house prices retreat at present, with the sharpest drops reported across the east Midlands and the south-east.
^1 Julia Kollewe for The Guardian, 9 Feb 2023 06:00 UTC, https://www.theguardian.com/business/2023/feb/09/uk-property-demand-house-prices-england-rics
Great, now I can’t afford a property slightly less than a year ago. Yay!
That’s good news. That means rental prices will also go down.
e: /s for the Americans.
Nope not in sunny Gloucestershire, in the desirable bits stuff gets snapped up in days.
Unequivocally good news. House price to salary ratio is out of whack all over the country.
So lets not make the mistake and put interest rates to 0% again? Is anyone from the BOE reading this??
Keep IR rates at a median level and that brings house prices down. Better a cheaper house than a bigger debt……
Don’t be a fool please…..