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- 'Considerable concern' over prospect of sharp drop in house sales | This is Money
Average property prices continued to rise 'sharply' in most parts of the country last month, but buyer demand is showing some signs of losing steam as the year draws to a close. Wales and the South West of England continued to see values rise strongly last month, but sales levels in Scotland and the Midlands are already starting to tail off, the latest survey from the Royal Institute of Chartered Surveyors showed. Price predictions: House price projections for the UK over the next year, according to Rics Sales: A chart showing property sales levels in Britain since the year 2000 Variations: A chart showing what's happened to house prices where you live in recent months Simon Rubinsohn, chief economist at the Rics, said there was 'considerable concern' among surveyors about the prospect of a marked slowdown in sales levels in the housing market after the end of the first quarter of 2021. He added: 'A scaling back in direct government support for the market is part of the reason for this but it is being compounded by expectations of material rise in unemployment as redundancy programmes begin to take effect.
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Paul Lynch, branch manager for Romans estate agents in Guildford, said they were struggling to sell smaller flats as there are fewer first-time buyers but bigger homes were in demand. 'Smaller 1 and 2 bedroom flats/apartments struggling as demand from investors and first time buyers dwindling. Mid/upper market family homes ranging from £500k - £900k performing well and achieving close to or at asking prices, ' he said. London was the only place where demand for rental homes actually declined Rics also found that while demand for flats to rent kept rising across the UK, London was the only place where it actually declined, with more agents now expecting a decrease in rents in the coming months. Allan Fuller, an estate agent in Putney, London said: 'We have seen a slight reduction in enquiries and a softening of rent levels along with increased supply with tenants moving out due to job losses. ' Another agents have also confirmed that the capital is seeing more homes becoming available, having a depressing effect on prices, which are more or less flat.
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'Considerable concern' over prospect of sharp drop in house sales | This is Money
