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UK Housing Market Activity "In Doldrums", RICS Survey Shows

Jul 10 2012
By
Forexbrokerz.com

Housing market activity in the United Kingdom stalled in June as supply of new property declined and demand remained subdued, the latest survey by the Royal Institution of Chartered Surveyors (RICS) showed Tuesday.

The survey showed the seasonally adjusted net house price balance turned more negative in June, dropping from -17 in May to -22. This suggests that 22 percent more surveyors reported price falls than rises during last month.

Analysts were expecting the balance to be -16, unchanged from May's original reading. The survey also revealed that 19 percent more said they expected prices to fall further over the next 12 months compared to just 8 percent in May.

The balance on new buyer inquiries fell to -10 in June from -2 in May.

"The housing market did not manage to turn a corner last month and activity remained in the doldrums," said RICS chief economist Simon Rubinsohn.

"Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first-time buyers," he added.

High unemployment, weak wage growth and subdued consumer confidence amid concerns over the economic recession are also holding back demand for property in the U.K.

In its latest report, the Nationwide Building Society said that house prices declined at the fastest rate since 2009 in June as a double-dip recession and the end of stamp duty holiday dampened demand. According to the group, the outlook for house prices remained highly uncertain.

In contrast, results of another survey by property website Rightmove showed that asking prices for a property in the U.K. rose to a new record high in June buoyed by strong price movements in London and South East.

Meanwhile, Hometrack said house prices stagnated in June with global economic gloom curtailing demand.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Housing  Market  Activity  "In  Doldrums"    RICS  Survey  Shows   

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