Flat month according to RICS

RICS September Housing Market Survey shows a fairly flat month for both transactions and prices.

The national price balance improved slightly from -18 to -15, meaning 15% more surveyors reported a fall rather than a rise in prices over the last three months.

London remains the only region where more surveyors are reporting price rises rather than falls.  

The breakdown of data shows 65% of respondents reported no change, and of those reporting price falls, 74% were in the 0 to -2% category.

In terms of activity numbers stayed overall consistent with a flat picture. Near term sales expectations reached the highest level since May 2010.

RICS urge caution against reading too much into the data but said there were some grounds for believing activity could pick up over the coming months.

The Bank of England’s Credit Conditions survey points to an increase in mortgage availability during Q4, thanks to the Funding for Lending Scheme (FLS).

Andy Knee, Chief Executive of LMS, commented on the survey: “While the RICS Survey suggests people may be moving, the most recent LMS Remortgage Report highlights the fact that they are not remortgaging.

"Indeed, gross remortgage lending in August represented the lowest proportion of the market since 1999."

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