Freeze hits housing market
The cold weather last month caused the first drop in the number of people buying houses for more than a year.
The Royal Institution of Chartered Surveyors monthly UK Housing Market Survey, published today, has found the number of buyers dropped in January for the first time in 14 months. New instructions fell for the first time in seven months.
Heavy snow also disrupted the number of sales, which fell for the first time in 10 months.
Thirty-two per cent of chartered surveyors reported a rise rather than a fall in house prices, up from 30 per cent in December 2009.
A RICS spokesperson said: ‘The cold snap in January clearly had a huge impact upon both supply and demand in the housing market with activity coming to a halt amidst the seasonal chaos. Activity and interest is likely to pick up in the coming months as the market experiences a spring bounce.
‘House prices are likely to rise in the short term but if more supply continues to come onto the market, it is possible that the market will run out of steam in the latter part of the year.’
Have your say
You must sign in to make a comment
Readers' comments (3)
Richard Parr | 09/02/2010 11:47 am
Hopefully we have many more 'big freezes' before the year is out - It might be the only way to bring house prices down to a reasonable, affordable level.
Unsuitable or offensive? Report this comment
Mark Breedon | 09/02/2010 12:33 pm
I doubt it was just the cold weather.......
Unsuitable or offensive? Report this comment
B.S. Townroe | 10/02/2010 8:12 am
I blame foxes.
Unsuitable or offensive? Report this comment