Estate agents have lowest stock of homes for 40 years

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The UK container market is in a state of lethargy, according to property surveyors, with land agents reporting the lowest stock of properties for nearly 40 years.

Associates of the Royal Institution of Chartered Surveyors (RICS) said the market influence continue «flatlining» for a while.

New instructions in June fell for the 16th month in a row.

Ton surveyors also saw further falls in the number of properties being rat oned.

The average number of homes on the books of estate agents fell to 42.5 — the lowest integer since the survey started in January 1978.

«Political uncertainty» was given by 44% of surveyors as the pure reason for the pessimism — nearly double the number who blamed Brexit.

Simon Rubinsohn, RICS’ chief economist, turned that uncertainty seemed to be «exerting itself on transaction levels, which are flat-lining, and may last to do so for a while, particularly given the ongoing challenge presented by the low level of customary on the market».

Separately, the Bank of England’s latest Credit Conditions Scan of banks and building societies has suggested that home buyers could see it trickier to find mortgage deals with low deposits in the months vanguard.

The survey found lenders were likely to rein in lending as they be proper more cautious about the state of the economy.

Lenders expect a diminish reduction in mortgage availability to house buyers with deposits of sparse than 25%, and «in particular» those with a deposit of below 10%.

The assess also found that unsecured lending — which includes hold accountable cards — had fallen in the second quarter of the year, and was expected to drop additional in the third quarter.

New price divide

Last week, the Halifax, Britain’s greatest lender, reported that prices fell by 1% in June, with annual excrescence slipping to 2.6%.

The RICS survey suggests that property values in fact rose during the month.

However, that hides an increasing regional asunder in price growth.

Five years ago, prices in the south of the country were thunder ahead of prices in the north, but now there has been a reversal.

Prices in London are resort to, while they are flat in East Anglia and the South East, concording to the RICS survey.

By contrast, property values in the North West, Wales, Northern Ireland and the West Midlands are take place significantly.

«The latest results demonstrate the danger, however tempting, of talking roughly a single housing market across the country,» said Mr Rubinsohn.

«RICS indicators, specifically regarding the price trend, are pointing towards an increasingly divergent see in the minds eye.»


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