Housing sales activity reduced during December as near term sales expectations fall.
The December 2016 RICS UK Residential Market Survey results point to sales activity stuttering somewhat having appeared to be gaining momentum over recent months.
The latest findings also show respondents paring back their expectations for the near term growth in transactions. Nonetheless, this does follow a string of reports in which confidence in the outlook improved steadily and it remains to be seen whether or not this is a temporary setback or the onset of a weaker trend.
In terms of demand, although new buyer enquiries rose for a fourth month in succession (on a seasonally adjusted basis), the increase was only marginal during December.
Meanwhile, new instructions to sell failed to see any pick-up, marking the tenth straight month without any improvement in the flow of fresh listings at the national level. As such, contributors continue to highlight low stock levels as a key concern and a lack of choice for would-be buyers is seen to be weighing on activity.
Full Report: RICS UK December Residential Survey