“The latest survey by the Royal Institution of Chartered Surveyors (RICS) has shown that demand for UK property is still falling with the housing market slowing again in October.
According to the RICS Housing UK Market Survey, the reason for the drop in new buyer enquiries is due to the inability to get mortgage finance and a cautious attitude from people generally.
Falling prices, falling stock
In addition, the number of new instructions to sell has also seen a decline, the first drop since January and against the rising trend which started around July last year. The survey reports that 49% of surveyors say that house prices fell in October compared to 36% in September, which is now at its lowest level since April 2009. The average number of properties on surveyors books was down to 67.2 from 69.1 and completed sales down to 15.2 per surveyor, the worst figure since June 2009. The report points that the numbers are dropping despite the stamp duty holiday and the stronger GDP data over the last couple of quarters.”
“Hurrah, harrah, hurrah! Misery’s on the way!” – Noel Coward