Friday , October 7 2022

The real estate market prospects are worse "for 20 years"



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The prospects for the real estate market over the next three months are the worst for 20 years, surveyors say.

A net balance of 28% of the members of the Royal Institution of Chartered Surveyors (RICS) expects sales to fall in the next three months.

It is the easiest reading since the registers began in October 1998 and blame the pessimism of the lack of clarity about Brexit.

The lack of supply and affordability also continued to affect the market.

Sales expectations for the next three months are now flat, with no foreseeable or negative changes, which indicate the drop in sales to all parts of the United Kingdom, the report said.

Dying not increasing

An increasing number of surveyors reported that house prices fall rather than rising in December, with a net balance of 19% showing falls and no increases.

This passed a balance of 11% in November and marked the fourth consecutive month in the negative price readings of the home.

The buyer's new queries were reduced for the fifth consecutive month in December.

The fall of the interests of the buyers was tied by a diminution of the fresh properties that arrive at the market.

The offer of new properties has been declining for six months, said Simon Rubinsohn, chief economist at RICS.

"It's not at all a surprise with the ongoing uncertainty on the road to Brexit dominating the news agenda, which, even allowing the usual patterns of Christmas holidays, the interest of buyers when buying Goods in December were moderate.

"This is also clearly reflected in a worsening trend in short-term sales expectations."

Silenced property activity

The latest official data from the Office of National Statistics (ONS) and the Property Registry published earlier this week suggest that the homeowner activity was silenced because of the uncertainty of Brexit.

He said the average UK property price was 230,630 pounds sterling in October, which fell by 0.1% month-on-month.

If you look at it later, realtors expect slightly more sales expectations for 12 months.

"Looking a bit further, there is some comfort provided by the suggestion that national transactions should stabilize as some of the fog elevators, but this time is an outlet for many respondents in # 39 ; poll, "said Mr. Rubinsohn.

"Meanwhile, it is difficult for developers to intensify the supply of supply in this environment."

He said that in order to get closer to the government's construction goals, "significant input of other delivery channels, including local authorities, would be needed."

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