Recent Improvement in Activity
The UK housing market faced a stalemate during the last couple of months, as demand failed to pick up and supply of new property fell back, says the UK Housing Market Survey from the Royal Institution of Chartered Surveyors (RICS).
Demand for property showed little change in July, indeed, demand has been broadly flat for the last six months, although we have seen a considerable increase in activity over the last couple of weeks. Chartered Surveyors report that because the market remains difficult to access, the only buyers who can really be considered serious are those who have already sold their property or have a mortgage agreement in place.
New instructions, which had been stronger in April and May, have fallen back during the last couple of months, indicating that sellers are now holding off putting their properties on the market. This was in part attributed to uncertainty over the economy and a ‘wait and see’ attitude from potential vendors.
Perhaps unsurprisingly, given low demand and supply, overall activity levels have barely changed. Newly agreed sales edged up marginally, with 6% more surveyors reporting sales rose rather than fell (from 5% more).
House prices at a national level have continued to slip, although there are regional variations with London benefitting from overseas investors. Here in Dartmouth, most sales that are being achieved are well down on the values that we expected a few years ago. We are finding that realistic vendors are finding buyers but those buyers expect value for money.
There are some very attractively priced properties on the market at present and now is the time for those buyers who have been waiting and watching to make their move. The recent surge in buyer activity could bring the long awaited change to the market.
Property View - October 2013 by Richard Blake Estate Agents, Dartmouth
First Published August 2011 By The Dart
