RICS points to broadly stable market

The November 2012 RICS Housing Market Survey shows prices remain broadly flat while transaction levels continue to slowly increase.

Looking forward the three and twelve month indicators suggest this trend will continue over the next year.

New buyer enquiries were up for the third successive month in a row and were accompanied by a modest increase in the level of new instructions.

A small rise could be seen in the agreed sales with the net balance and the sales per surveyor indicator standing at its best level since April.

This improvement in activity is consistent with the transaction data being produced by HMRC.

Although the net price balance was slightly more negative in November than in October (-9 compared with -7) these figures are well within the levels normally associated with a stable market.

About two thirds of respondents reported that prices have not changed over the last quarter.

On a regional basis the survey continues to show London as the only area with a positive net balance.

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