New Buyer Enquiries Decline
According to the latest housing survey from the Royal Institute of Chartered Surveyors (RICS), new buyer enquires declined at their fastest rate since August 2004, with stock of unsold property on surveyors’ books increasing to the highest level since January 2007.House prices rose for the 21st consecutive month in July, but the rate of growth remained well below the survey’s average of 21.6% for the second consecutive month. 12.6% more Chartered Surveyors reported a rise than a fall in house prices, up from 10.6% in June.
Completed property sales for the quarter to July fell to 23.5 per surveyor, down from 24.4 in June.
Surveyor confidence in sales turned negative for the first time since March 2003 as buyers responded to market conditions and a possible sixth interest rate rise.
RICS spokesman, Jeremy Leaf, said:
“The combination of softening demand and supply is causing market conditions to weaken further. Buyer activity has pulled back a little over fears that we may have seen the top of the market. With interest rates perched at 5.75% and a jump to 6% a strong possibility, aspiring first-time-buyers are continuing to rent until the market trend becomes clearer.”
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