Property Market May Have Peaked, Say Surveyors

The majority of homes valued over £500,000 are reducing their asking prices before being sold as the property market stalls, latest Royal Institution of Chartered Surveyors data shows.

A net balance of just one per cent of surveyors reported prices increasing rather than decreasing in July, down from seven per cent in June – the weakest reading since March 2013.

London and the South East saw the largest number of surveyors reporting price falls, followed by East Anglia and the North of England.

Simon Rubinsohn, chief economist at RICS said recent tax changes and a lack of new homes after the financial crisis are weighing on the market. He said:

"Sales activity in the housing market has been slipping in the recent months and the most worrying aspect of the latest survey is the suggestion that this could continue for some time to come.

"The flatter trend in price growth is arguably a silver lining but there is no real indication that the housing market will become materially more affordable any time soon."

If you are buying or selling residential property, call our Cheshire solicitors for a free, no obligation conveyancing quote. Speak to us on 01625 522 429.

Richardson Law

Conveyancing Solicitors