Housing Market To Stay Subdued
According to the Royal Institution of Charted Surveyors (RICS), at the moment there is no sign of the UK property market picking up within the next few months. Unfortunately more negative reports in the news about our housing market.
Image sourced from: PlanetPropertyBlog.com
Their recent monthly survey has shown that some sellers are still asking high prices for their properties, while potential buyers are struggling to raise a mortgage.
Because of this, surveyors are expecting the level of sales to stay low during the next three months.
RICS spokesman, Ian Perry said “Continuing problems with the economy and the ongoing instability in the eurozone seem to be weighing heavily on the UK housing market and expectations for the coming months are fairly subdued.”
“With sales expectations remaining flat, it is important that vendors are realistic in their pricing if they wish the sale to go through in good time.”
Mr Perry added, “Looking ahead, along with surveyors’ flat predictions for transaction levels, price expectations remain low.”
There is a possibility that the number of homes sold in the UK during 2011, may turn out to be the lowest since modern records began in 1978.
Unfortunately, there appears to be no sign yet of a let up in mortgage rationing which has prevented hundreds of thousands of potential buyers which include first-time buyers, from buying a home in the past few years.
The Bank of England warned last week that banks and other lenders were likely to restrict their lending even more in the next few months due to their survey of ‘credit conditions’, which saw lenders were worried about the descending state of the economy, and also by the decrease of house prices undermining the security of the loans they had made.
Most property market experts and commentators have voiced their opinion of that prices across the UK will fall further in 2012, possible by as much as 10%.
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