Surveyors get gloomy as property market stagnates

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Trait surveyors are getting gloomier about the state of the housing market, according to the Imposing Institution of Chartered Surveyors (Rics).

Its latest monthly survey expresses that stock levels are at a new record low.

The number of people interested in swallowing a property – and the number of sales – were also “stagnant” in March, it answered.

However, because of the shortage of housing, it said prices in many parcels of the UK are continuing to accelerate.

While prices carry on falling in central London, Rics symbolized that price rises in the North West were “particularly qualified”.

Most surveyors across the country still expect prices to elevation over the next 12 months, but by a smaller majority than in February.

But on average, each resources agent has just 43 properties for sale on its books, the lowest copy recorded since the methodology began in 1994.

“High-end sale properties in main London remain under pressure, while the wider residential sell continues to be underpinned by a lack of stock,” said Simon Rubinsohn, Rics chief economist.

“For the rhythm being, it is hard to see any major impetus for change in the market, something also being end in in the flat trend in transaction levels.”

Earlier this week, the Occupation for National Statistics said house prices grew at 5.8% in the year to February, a young rise on the previous month.

However, both Nationwide and the Halifax cause said that house price inflation is moderating.

Separate play a parts from the Bank of England suggested that lenders are offering fewer loans.

Banks banged a tightening of lending criteria, and a drop in loan approval rates.

A suggestive majority also reported falling demand.

Hansen Lu, property economist with Principal Economics, said that pointed to an “even more gloomy portray than the Rics survey”.

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