London aside, UK housing market stabilised in the month of November

London aside, UK housing market stabilised in the month of November

According to a survey of chartered surveyors, it appears as if the UK housing market had indeed started to stabilise after a period of doom and gloom, however it seems that the chances of a full on, imminent recovery seem very minimal at present.

The total balance of surveyors claiming that prices had risen as opposed to those who have said that they’re down over the three months to November moved down to zero after a reading of +1 in October, which was a reading that the Royal Institute of Chartered Surveyors (RICS) stated was “broadly consistent with no change in national house prices over the period”.

Price rise expectations nationally over the next three months were ‘now more or less flat’, however the overall figures have continued to conceal a pretty notable divide between the South East and London – which are cautious areas – while regions such as Wales, Scotland and the North West are a lot more optimistic over near-term price rises.

On the whole, surveyors are a lot more upbeat over the prospect of price rises for 2018, other than London.

Speaking about the report, RICS stated that the results suggest subdued movement, though things do appear to be stabilising.

“The November 2017 RICS UK Residential Market Survey results are again indicative of subdued momentum in the housing market,” RICS said in a statement. “That said, after deteriorating in recent months, activity appears to be stabilising to some extent.

“At the same time the near term outlook for prices and sales is now broadly flat, with contributors appearing unconvinced that the market will gain impetus in the coming months.

“Feedback from respondents suggests that housing market activity continues to be stifled by a persistent shortage of new instructions along with economic uncertainty.

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