Surveyors retain bleak perception of property market

The Royal Institution of Chartered Surveyors’ (RICS) latest monthly survey shows that stock levels are at a new record low, leaving property surveyors gloomy about the state of the housing market.

The institution reported that the number of people interested in buying a property was ‘stagnant’ in March, the third month in a row, with the number of sales also remaining flat. Nonetheless, due to the continual shortage of housing, surveyors across the UK still expect prices to rise over the next 12 months.

Stock on estate agents books has consequently dipped to a new record low with branches now holding only 43 unsold properties on average.

Simon Rubinsohn, RICS chief economist, said: “The latest results for our survey show little change in the underlying picture surrounding both sales and markets. High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock. This includes rents, which away from the capital are generally moving higher as demand outstrips supply.

“For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels.”