UK housing market stays within the doldrums – RICS

LONDON (Reuters) – British home costs remained flat in June and the market was prone to keep sluggish within the coming months regardless of extra properties being put up on the market, a surveyors group mentioned on Thursday.

A pair view properties on the market in an property brokers window in London, Britain August 22, 2016. REUTERS/Peter Nicholls/File Photo

The Royal Institution of Chartered Surveyors’ (RICS) home worth steadiness rose to +2 from -2 in May.

A Reuters ballot of economists had pointed to a fall of -Three in June however RICS mentioned the general image remained certainly one of flat worth development and respondents collaborating within the survey didn’t anticipate a lot change within the coming three months.

Britain’s housing market has cooled for the reason that 2016 Brexit vote which led to an increase in total inflation and elevated uncertainty amongst buyers.

“For the second month in a row, new instructions have risen, with 10 percent more respondents seeing an increase in the flow of properties being put up for sale,” RICS mentioned.

“However, with average stocks remaining close to historic lows at 43 it would be too early to suggest that this issue is lessening as an obstacle.”

Looking additional forward, London’s housing market was prone to stay a weak spot – costs weren’t anticipated to rise within the capital and the neighbouring south east area, in distinction to a lot of the remainder of the nation.

Reporting by William Schomberg, modifying by David Milliken

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