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Housing market struggles in June – RICS

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The housing market continued to stumble in June as interest from potential buyers fell away, according to the latest RICS UK Housing Market survey.

The report says that demand failed to increase while the supply of new properties fell, where 10% of chartered surveyors reported fewer new buyer enquiries than in the previous month.

Overall activity in the market has failed to show improvement since the end of the Stamp Duty exemption period at the end of March. London was the only region to post an increase in house prices but this level of growth has also slowed significantly since the beginning of 2012.

The survey showed 19% of surveyors expect prices to continue to struggle this year but are far more optimistic regarding transaction levels, with 10% more expecting an increase in the number of sales compared with the previous survey.

The study also reports that the number of new homes entering the market fell for a second successive month.

Simon Rubinsohn, chief economist at RICS, commented: “The housing market didn’t manage to turn a corner last month and activity remained in the doldrums.

“Fewer vendors looked to test the market and levels of buyer interest seem to have fallen back since the expiry of the stamp duty deadline earlier in the year.

“Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first time buyers.”

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