Olympics dampens interest in house buying
House buying activity fell away slightly in August, according to the latest survey from the Royal Institution of Chartered Surveyors.
In the three months to August, surveyors sold on average 7.5 per cent of their homes. That proportion has remained relatively consistent throughout 2012, according to RICS.
During August, 9 per cent more surveyors reported falls in buyer demand than rises. The figure was 4 per cent in July, although RICS blamed the interest generated by the London Olympics for a shortfall in buyer demand through the period.
New instructions from sellers was unchanged compared to July, although house prices fell, with 19 per cent more respondents reporting declining prices than rises.
Only London reported an increase in prices, while the worst falls occurred in Northern Ireland, the west midlands, Yorkshire and Humberside.
Little changed in the housing market last month,’ said Ian Perry, a spokesman for RICS. ‘Despite the Olympics taking centre stage throughout much of August, it didn’t have any real impact on the proportion of sales going through. Understandably, the amount of people out looking at property fell away slightly but, generally speaking, demand held up fairly well.’