House prices fell again and market activity continued to slow in November, according to the latest RICS UK Housing Market survey.
44% more chartered surveyors reported prices fell rather than rose in November, a slight improvement on October’s net balance of -49%. Lack of demand from buyers continues to stifle the market, and new buyer enquiries fell for the sixth consecutive month. First-time buyers continue to be in short supply.
New instructions have now dipped for two months in succession. Surveyors report many would-be sellers have decided to wait until the new year to put their property on the market.
Unsold properties remained on surveyors books for longer in November, as the average number of stocks rose to 69.5 (from 67.2). Meanwhile, the average number of sales per surveyor decreased, with just 14.8 sales on average taking place over the last three months. As a result, the sales to stock ratio fell to its lowest level since May 2009.
Regionally, the West Midlands and Northern Ireland registered the most negative readings for house prices, with 67% more surveyors reporting falls than rises in both areas. Meanwhile, the South West continues to buck the national trend as the only region to report a positive net balance for newly agreed sales.
Surveyors’ expectations for house prices over the next three months remain negative, with a net balance of -41% expecting prices to fall. However, sales expectations are more upbeat, with 6% more predicting sales to increase rather than decrease over the next three months.
Ian Perry, RICS spokesperson, said: “There was little change in the housing market in November prices continued to edge lower and sales levels generally remained subdued. Despite some better economic data
