House price rise slows down

House prices have slowed to the same level they were 16 months ago, according to The Royal Institution of chartered Surveyors for the Residential Market Survey.

New buyer demand dropped for the third month in London and the Scottish Referendum further hit the markets level of optimism.

Surveyors reported a return to sensible house prices as properties were staying on the market for longer, which suggests house sellers have been prepared to accept offers below the asking price.

Nationally, the lettings market had continued to expand across the UK and there has been a rise in tenancy demands.

London will be expecting a drop in house prices over the next few months, but the rest of the UK is expected to see an average rise of 2.1% a year.

Simon Rubinsohn, chief economist of the RICS, said, "Demand and supply are looking a little more balanced, which is removing some of the upward pressure in prices, particularly in London. This is a healthy development. Part of this is down to the Bank of England becoming more vocal about the risks, part of this is down to affordability, part of this is down to the new mortgage rules and part of this is down to expectations of higher interest rates."

If you are in interested in purchasing a residential property, please do not hesitate to call our Altrincham Conveyancing Solicitors on 0161 928 5558 or email fottavianelli@collings-solicitors.co.uk.  

Collings

Altrincham Conveyancing Solicitors