The results of the March 2018 RICS Residential Market Survey continue to point to subdued momentum, with key activity indicators still in negative territory at the national level.
For the time being at least, forward looking metrics suggest little prospect of the tide turning to any meaningful extent over the near term. However, as has been the case for a number of months, the regional breakdown shows much of the weakness stemming from London and the South East, while conditions appear somewhat firmer in other parts of the UK.
The headline RICS Price balance remained unchanged between February and March, coming in at zero again. As such, this still represents the joint lowest return for this indicator since February 2013, and is consistent with virtually no change in house prices. London continues to exhibit the weakest feedback, with a net balance of -47% of respondents citing further price declines. The price series also remained negative in the South East, East Anglia and the North East, but to a lesser extent than in the capital. Meanwhile, prices continue to drift higher across all other parts of the UK, with Northern Ireland, Wales and the East Midlands seeing the strongest pick-up.
Full report: RICS UK March 2018 Residential Survey