House prices are starting to reflect the shift in demand in the market, according to surveyors. Agreed sales, house prices and new instructions to sell homes remained on a downward trend in January, the Royal Institution of Chartered Surveyors has reported.
Property professionals’ expectations suggest this picture is likely to remain in place for a while longer as the market adjusts to higher interest rates, RICS’ report added. A net balance of 47% of surveyors reported seeing a fall rather than an increase in new buyer inquiries, deteriorating from a balance of 40% who saw this the previous month.
January marked the ninth negative monthly reading in a row for new buyer inquiries. Overall, those surveyed in all parts of the UK saw either a fall in demand or a stagnant trend over the latest survey period, RICS said. A net balance of 14% of survey contributors also reported a decline in fresh properties coming on the market over January.
