RICS UK - New buyer enquiries decline as interest rate rises
start to bite
RICS UK housing market survey, July
2007
New buyer enquires declined at their fastest pace since
August 2004, with stock of unsold property on surveyors’
books increasing to the highest level since January
2007; says RICS’ UK housing market survey published
today (14 August 2007).
House prices rose for the 21st consecutive month in
July, but the rate of growth remained wedged well below
the survey’s long run average of 21.6 percent for the
second consecutive month. 12.6 percent more Chartered
Surveyors reported a rise than a fall in house prices,
up from 10.6 percent in June. In England, the London
juggernaut continued to outperform all other regions
with the strongest price rises. Elsewhere, Northern
Ireland maintained its impressive run, but price growth
in the Scottish market almost halved.
The ratio of completed sales to the stock of available
property on the market fell for the fourth consecutive
month but remained inline with the survey’s long run
average of 37 percent. Completed property sales for the
quarter to July fell to 23.5 per surveyor, down from
24.4 in June.
Surveyor confidence in sales turned negative for the
first time since March 2003 as buyers responded to
market conditions and a possible sixth interest rate
rise.
RICS spokesman, Jeremy Leaf, said:
“The combination of softening demand and supply is
causing market conditions to weaken further. Buyer
activity has pulled back a little over fears that we may
have seen the top of the market. With interest rates
perched at 5.75% and a jump to 6% a strong possibility,
aspiring first-time-buyers are continuing to rent until
the market trend becomes clearer.”
Email: phogan@rics.org
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