House prices continue to fall as sales weaken in the East
PUBLISHED: 06:00 11 October 2018 | UPDATED: 06:59 11 October 2018
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The number of new properties coming on to the market has fallen for the second success month, prompting sales expectations to flatline for the next 12 months.
Respondents to the RICS UK Residential Market September Survey said that a mixture of affordability constraints, a lack of stock, economic uncertainty and interest rate rises were holding back activity.
The lack of trade has also lead to a net fall in agreed sales, with 14% more respondents saying they are seeing a sales decrease on their books.
Nigel Steele, of Jackson-Stops in Norfolk, said the market was “slow and difficult [...] due to buyer nervousness of future economic patterns”.
Respondents in the East said they did not expect the number of sales to increase in the coming year, with prices continuing to fall.
Meanwhile in the lettings market, respondents reported a rise in the demand for new properties coming to market.