Housing market: London and south east are weakest regions - RICS

The housing market is proving more resilient outside London and the South East according to a study

The housing market is proving more resilient outside London and the South East according to a study

London's housing market has posted the weakest growth since the depths of the financial crisis, estate agents said today.

"There are no doubt challenges in the economy, including rising inflation, but the latest survey highlights that people continue to want to own their own home and that the outlook for the market amongst surveyors remains quite upbeat".

The survey also found estate agents expect prices in London to fall over the next 12 months, the only part of the United Kingdom where 12-month expectations are negative.

RICS said surveyors rated housing in London and southeast England, where prices also fell, as the most over-valued in Britain.

By contrast, the survey pointed to solid price growth in many other parts of the United Kingdom, with Northern Ireland, the North West, Scotland and the South West seeing the firmest increases.

There was a positive balance for Northern Ireland, the North West, Scotland and the South West.

August saw little change at the national level to buyer enquiries with the broadly flat trend extending into its ninth straight month.

A report from Halifax this month showed house prices rose the most this year in August, possibly signaling that a slowdown in the market is easing.

It said the level of house sales has not seen any growth since November 2016.

In terms of supply, the net balance of new sales instructions was -1%, compared to -11% in July which itself was less negative than the two months preceding it which the RICS suggested could imply a stabilisation in the flow of fresh listings.

The deteriorating level of new homes coming on the market means average stock levels on agents' books remain near to an all-time low for the study, Rics said.

"The latest results continue to suggest that the greatest pressure on both prices and activity continues to be felt in prime central London market".

The study also said that anecdotal evidence suggested that most of the rises were in properties worth below £250,000.

"Meanwhile, the numbers for most other parts of the country point to a rather more resilient marketplace".

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