Davy Research

UK economy

RICS survey signals weaker UK house prices

DAVY VIEW

Today’s RICS survey of the UK housing market paints a gloomy picture. The price expectations balance declined to -11%, with sharp declines in new buyer enquires and sales agreed. This suggests that house prices could fall in the next three months. The headline price balance survey recorded an all but stagnant +1.3%, its lowest level since Q1 2013. Respondents indicated that the Bank of England rate hike was weighing on the market, with falling prices not just confined to London. The Help-to-Buy market was highlighted as the only sector with relatively robust demand.

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