Housing market slows as economic fears grow
Surveyors have revised their housing market expectations to predict further price falls after a brief spell of optimism last month.
The latest survey from the Royal Institution of Chartered Surveyors has found 19 per cent more surveyors found prices fell rather than rose across the UK in April. Seventeen per cent more respondents expected prices to fall than rise.
Last month’s survey had been more positive, with more surveyors expecting sales to increase and prices to rise than decline. However levels were boosted by the end of the stamp duty holiday on 1 April.
During April London was the only part of the country where prices rose, while the west midlands and Wales saw the largest declines, of 43 per cent and 39 per cent respectively.
Peter Bolton King, housing spokesperson at RICS, said: ‘With the recent surge in activity brought on by March’s stamp duty holiday coming to an end, it is unsurprising to see that prices across much of the country are continuing to fall.
‘Renewed concerns over the economy and talk of a double dip recession dominating the headlines in recent weeks may well have served to undermine consumer confidence.’
He added that lack of mortgage availability is continuing to damage the market as first time buyers cannot get onto the housing ladder.
Inside Housing is carrying out a survey looking at house building in England, in partnership with H+H, with £500 of Marks & Spencer vouchers on offer for one participant. Complete the survey to let us know your views, and be in with chance of winning the prize.