Vendor instructions continue to shrink, say very un-merry surveyors

first_imgHome » News » Housing Market » Vendor instructions continue to shrink, say very un-merry surveyors previous nextHousing MarketVendor instructions continue to shrink, say very un-merry surveyorsLatest RICS report on surveyor sentiment about the property market shows many continuing to experience lower number of instructions and enquiries.Nigel Lewis14th December 20170897 Views The volume of vendor instructions dropped during November for the 22nd month in a row and half of all agents reported fewer instructions in November than October, the latest survey from the Royal Institution of Chartered Surveyors (RICS) reveals.Its monthly UK Residential Market Survey of members also reveals that house prices and buyer demand continued to weaken in London, the South East and East Anglia during November, although the trend has yet to spread.The property market is now clearly divided along geographic lines, too.Many agents in the South believe house prices are unlikely to rise soon and more than half in London have seen them drop.But surveyors everywhere else except the North East were more upbeat particularly in Wales, Northern Ireland and the North West.RICS also reveals that the decline of new buyer enquiries for properties is beginning to stabilise. Five percent of those canvassed said demand was lower than the previous month, down from 19% during October.Flat pricesSurveyors don’t expect the market to pick up anytime soon either, the report says.Nationally prices will remain flat as gains in the north and Wales continue to be offset by losses in London and the South.“It is perhaps not surprising that the headline indicators for both prices and activity are subdued as Christmas approaches,” says Simon Rubinsohn, Chief Economist at RICS  (pictured, left).“But once again the feedback we are receiving from respondents points to quite marked differences in trends across the country.“It is clear from the results than the mood music in London and the South East is very much flatter than elsewhere and interestingly, the forward looking indicators suggest this is likely to persist into the new year.”And Richard Sexton, Business Development Director at surveying firm e.surv (pictured, right) says action is needed to get the market moving again.“To help ensure a buoyant market, the industry and Government should be doing more to encourage movement within the market to free up housing stock,” he says.“We should be looking to create a circle of life by encouraging second steppers to move up the ladder and incentivise last time buyers to downsize from large family properties, so that these properties can be freed up for others.”Read the full report from RICS. December 14, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img

0 thoughts on “Vendor instructions continue to shrink, say very un-merry surveyors”

Leave a Reply

Your email address will not be published. Required fields are marked *