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Surveyors say the property market was steady in May as London starts to bounce back

According to latest research by the Royal Institution of Chartered Surveyors (RICS), house buying is picking up in London. They add that a ‘slightly more stable’ picture is emerging for the UK property market overall.

As reported by This is Money, RICS’ monthly report stated that the pace of price drops is diminishing somewhat in London, with agents reporting good properties, priced realistically were selling. However, the picture for the South East in general was less rosy.

Over the next year, industry insiders expect the biggest regional property price hikes to emerge in Scotland, the North West and the West Midlands, the Royal Institution of Chartered Surveyors said (for more on this, read Advantage’s recent blog on the construction boom in the regions).

Simon Rubinsohn, RICS chief economist, said:

‘Some comfort can be drawn from the results of the latest RICS survey as it suggests that the housing market in aggregate may be steadying.

‘However much of the anecdotal insight provided by respondents is still quite cautious, reflecting concerns about both the underlying political and economic climate.

‘Another significant point made by respondents is that there continues to be considerable emphasis on the need for realistic pricing on the part of vendors, which while not a new story, is indicative of the ongoing challenges.’

Looking ahead, property sales are expected to fall over the next three months but pick up slightly as the year rolls on.

Meanwhile, with the exception of London, prices are expected to rise throughout the rest of the year.

You’ll find more news and analysis regarding UK property prices and related issues on our regularly updated news page. Thank you for reading – we’ll be back soon with more industry news from the Advantage team.

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According to latest research by the Royal Institution of Chartered Surveyors (RICS), house buying is picking up in London. They add that a ‘slightly more stable’ picture is emerging for the UK property market overall.

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