The Welsh housing market continued to weaken towards the end of 2022 as sales continued to decline, according to surveyors. Buyer demand in Wales continued to fall for the ninth consecutive month, with the net balance of -54% of professionals reporting a fall in new buyer enquiries through December, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS).
This was down from -34% the previous month, with buyer demand expected to decline further throughout 2023. The number of fresh property listings coming onto the sales market also fell to -16% - indicating there may be a fall in stock levels. This was down from 11% in November 2022.
Limited supply and limited demand may be impacting sales in Wales, with a net balance of -59% of respondents reporting a fall in sales through December. These factors may also be weighing on the outlook of surveyors, with -23% expecting sales to fall further over the next three months.
