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Housing market: London and south east are weakest regions - RICS

14 Septembre 2017

The house price balance in the United Kingdom rose unexpectedly in August, the latest survey from the Royal Institution of Chartered Surveyors showed on Thursday.

According to the Royal Institution of Chartered Surveyors it follows the trend in the wider economy, with key indicators reporting that local business activity grew strongly last month.

Also, prices in London have quadrupled over in the past 20 years, making homes unaffordable for many of its residents.

Fifty-six percent more surveyors in central London reported seeing a fall in prices than reported a rise, and it was the only region in Britain where prices were expected to fall over the next 12 months.

The balance also fell further into negative territory in the South East of England.

Property prices as a whole were driven by increases in Northern Ireland, Scotland and the northwest, according to the survey.

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That backs up official figures published earlier this week, which showed house price growth in the capital had tailed off in July.

NI recorded the strongest growth across the United Kingdom for house prices, with respondents also more upbeat on the outlook, RICS said. In Wales, surveyors reported both house prices rising now and expectations that prices would continue to increase over the next three months.

Looking forward to the next 12 months, prime central London remains the only area in which prices expectations are negative.

For the ninth straight month there was little change to the record low levels of buyer inquiries, and the number of agreed sales has not grown since November a year ago. As such, nationally, sales have not seen any growth since November 2016.

In terms of supply, the net balance of new sales instructions was -1%, compared to -11% in July which itself was less negative than the two months preceding it which the RICS suggested could imply a stabilisation in the flow of fresh listings. Although this has now turned less negative three months in a row, following such a sustained period of deteriorating sales instructions average stock levels on agents' books are still near an all-time low.

The study also said that anecdotal evidence suggested that most of the rises were in properties worth below £250,000.

Housing market: London and south east are weakest regions - RICS