Activity continues to weaken but medium term outlook has stabilised, according to our latest Residential Market Survey.
The July 2016 RICS Residential Market Survey results point to a further slowing in house price inflation, with near term expectations continuing to signal downward pressure on prices in the coming months. Alongside this, the net balances for new buyer enquiries, agreed sales and new instructions all remained firmly negative. Nevertheless, as the dust settles on the EU referendum vote, forward looking indicators are now a little less gloomy, with twelve month price and sales projections edging back into positive territory in the latest results.
- House price growth falters in July and near term expectations remain negative
- Sales and enquiries drop further - although expectations point to a more stable picture in the coming months
- Stock levels at record lows in most parts of the UK as new instructions decline markedly