The Royal Insitute of Chartered Surevyors recently released their House Market Survey for July 2012, and have found further contractions within the property market.
The Royal Institute of Chartered Surveyors recently released their House Market Survey for July 2012, and have found further contractions within the property market.
Key Outcomes were:
- Price balance has deteriorated to a 12 month low
- Activity levels have continued to contract
- The price outlook in the near term has deteriorated
- Sales expectations have remained positive
The headline net price balance turned slightly more negative, down from -22 to -24. This represents 24% more surveyors reporting a fall in prices rather than a rise.
However although the net price balance remains negative, 61% of all respondents reported no change in prices within the three months leading up to July. Further to this 73% of them only saw a price fall within the 0 to -2% range – continuing the gradual fall rather big spikes.
Activity & Enquiries
Activity also slowed in July with the already weak market being impacted by the start of the school holidays. New vendor instructions (the supply) was down quite notably – the third successive drop. New buyer enquiries – representing demand – however remained broadly flat.
Regionally there is a marked divergence in enquiries, with the North and North West recording broadly a rising demand, for the last four consecutive months.
Outlook
Over the next three months the outlook from respondents remains largely unchanged with sales expectations looking to be turning very slightly more positive but price expectations fall further.
The longer term outlook over the next year shows both price and sales expectation negative.
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