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Housing market flat in June

Tuesday, 12 July 2011 1:51 PM

The redevelopment of the UK housing market stalled in June as demand failed to pick up and supply of new property fell back, according to a survey released today.

The Royal Institute of Chartered Surveyors UK Housing Market survey said demand for property showed little change last month with new buyer enquiries recording a net balance of zero per cent on May, when enquiries were up one per cent month-on-month.

New instructions, which had been stronger in April and May, fell back to a net balance of plus one per cent – down from plus 14 per cent in June - indicating that sellers are now holding off from putting their properties on the market.

This was in part attributed to uncertainty over the economy and a ‘wait and see’ attitude from potential vendors by the survey.

Newly agreed sales edged up marginally, with six per cent more surveyors reporting sales rose rather than fell (from five per cent more in May).

Alan Collett, RICS housing spokesperson, said: “The housing market was pretty flat during June.

“Buyer interest in purchasing property remains relatively low across much of the UK and the volume of new stock coming to the market has slackened.

“With continued uncertainty over the jobs market and the economy, this subdued picture is set to continue. London, however, remains a market apart with both sales and prices showing a greater degree of resilience.”

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