The Royal Institute of Chartered Surveyors (RICS) each month surveys a sample of its members to indicate their perception of the market.
The figures for June have just been released and indicate that whilst a majority of surveyors are reporting stable prices last month surveyors expectations about future house price changes have moved now suggesting house price falls.
The average number of houses to be sold with each surveyor has risen by 8.1% between May and June leaving the average surveyor with 67 properties on their books but with a consistent sales pattern of 17 sales per surveyor per month. The increased number of properties for sale but the consistent level of sales resulted in the lowest sales to stock ratio since June 2009.
Deducting the proportion of surveyors predicting price rises from those predicting price falls resulted in a net balance shift from +4% to -4% but on the same net balance measure for sales the number of surveyors expecting increase volume of sales moved from +32 to +19.
Overall for conveyancers this would indicate that price falls and potentially lower transaction numbers are coming but not just yet.
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