Will the housing market pick up by the end of 2012?
The UK housing market should see a slightly stronger end to the year
with transaction levels picking up and price falls slowing says the latest survey by the Royal Institution of Chartered Surveyors.
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Tuesday 09 October 2012
Last month, prices in the UK housing market continued to fall,
though at a slower pace than in previous months -
15 per cent more surveyors reported falls rather than rises.
Demand from potential buyers remained stable in most parts of the country with four per cent more surveyors across the UK seeing increases rather than decreases in new buyer enquiries.
The amount of homes coming onto the market during September remained fairly flat, as five per cent more respondents claimed that supply had risen rather than fallen. The report say that one theme of the housing market in recent months is that transactions are going through where sellers are realistic in their price expectations.
"The housing market was relatively flat during September
but surveyors are optimistic that the run in to Christmas could see
an increase in activity in many areas of the country," said Peter Bolton King, RICS Global Residential Director. "Prices are
still dipping but at a much lower rate than seen in previous
"Despite this, problems still exist and more needs to be done to get the market moving. Unrealistic expectations on the part of vendors seem to be stalling the transaction process. Meanwhile, although the funding for lending scheme appears to be improving mortgage availability, those at the very bottom of the housing ladder are still struggling."
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