Economy fears hit number of homes for sale
Fears over the economy caused fewer people to put their homes up for sale in September, the latest data shows.
According to the Royal Institute of Chartered Surveyors housing market survey, estate agents reported a fall in new instructions with 5 per cent more surveyors saying supply of homes fell rather than rose.
RICS said that surveyors were reporting fragile consumer confidence and continuing fears over the economy as reasons for many people to think twice before putting their property up for sale.
Despite the fall, the number of new buyers increased during September with 3 per cent more chartered surveyors reporting an increase in demand.
According to the report, the house price balance remained unchanged, with 23 per cent more surveyors still reporting prices fell rather than rose.
Michael Newey, RICS housing spokesperson, said: ‘Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now.
‘As a result, the UK housing market remains pretty flat with activity level generally subdued.
‘Although it is hard to see what will give the market a lift in the near term, the announcement of a further raft of quantitative easing from the Bank of England will help to at least keep mortgage rates down.
‘This, if nothing else, should ease the pressure on existing homeowners and limit the risk of a material pick-up in repossessions.’