You are here: Home - Mortgages - First Time Buyer - News -

Property listings dropping at fastest rate since 2016

Written by:
The number of homes being put up for sale fell at the fastest rate seen since 2016 in April, according to the latest residential market survey from the Royal Institution of Chartered Surveyors (Rics).

Around 35% more surveyors reported a drop in instructions than a rise last month, the worst reading since June 2016.

Rics noted that the subsequent lack of stock was limiting choice for buyers and acting as a brake on activity, and pointed out that the number of appraisals undertaken was down on an annual basis, which was “not boding well for the near term pipeline”.

According to the survey, a net balance of -23% of respondents reported a rise in house prices, equal to the figure posted in March.

It noted that London and the South East appeared under particular pressure on house prices, while the South West had returned negative readings for the last six months.

In contrast things were much brighter in Northern Ireland and Scotland, with net balances of 47% and 28% respectively of respondents reporting a rise in prices.

Rics noted that new buyer enquiries had continued to fall, resulting in the new agreed sales remaining in negative territory for a ninth straight month.

Falling sales numbers expected

Unsurprisingly, near term sales expectations were also negative, with 11 per cent more respondents expecting a fall in sales than a rise.

Rics added: “That said, expectations still point to a flat or declining sales trend across all parts of the UK in the coming three months.

“Further out, however, a headline net balance of +13% of contributors anticipate sales will begin to pick up to some extent over the next twelve months.”

Adrian Moloney, sales director at Kent Reliance for Intermediaries, noted that the problems with the housing market stretched beyond Brexit, highlighting that in the last decade house prices have risen at twice the rate of typical wages.

He added: This is leading to lower rates of home ownership among younger generations, not to mention frozen chains up and down the ladder.

“Evidently, more needs to be done to ensure we are meeting housing targets in order to truly boost activity and improve home ownership levels.”


There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week