The Royal Insitute of Chartered Surveyors (RICS) have recently announced their UK Housing Market Survey outcome for October. Three and twelve month horizon indicators are turning less negatives for prices and generally more postive for sales. Headline national price balance was up slightly from -14 to -7. This means 7% more surveyors reported a fall rather than a rise in prcies
The Royal Institute of Chartered Surveyors (RICS) have recently announced their UK Housing Market Survey outcome for October.
Key output from the survey shows:
- Three and twelve month horizon indicators are turning less negatives for prices and generally more positive for sales
- Headline national price balance was up slightly from -14 to -7. This means 7% more surveyors reported a fall rather than a rise in prices
- 67% of surevyors reported no change. Those seeing price falls did so in the small 0 to 2% range.
- New buyer enquiries and agreed sales both increased at their fastest pace since December 2009.
- New buyer enquiry balance up from +5 to +18
- New instructions balance up from +5 to +12
- Newly agreed sales balance increased from 0 to +20
Whilst it’s still far too early to call an end to the housing market stalemate – headwinds abound – there are some early indications alongside the RICS survey which suggest, at least in the near term, the risks to activity and prices are very slowly shifting northwards.
Most notably, UK banks’ wholesale funding pressures have eased markedly. Partly as a consequence, some benchmark mortgage rates (on 2 and 5 year 75% LTV loans) have begun to drift downwards and credit availability is projected to improve somewhat.
These improvements can to some extent be attributed to the BoE’s Funding for Lending Scheme (FLS), though recent foreign central bank policy responses have also indirectly played a role.
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