According to a number of reports this week, there is evidence to suggest that house price rises here in the UK may be tailing off. According to The Guardian, house price growth has now fallen to its lowest level in 19 months, based on the latest figures produced by the Royal Institution of Chartered Surveyors (RICS).
In their latest survey, the RICS reported that only 11 percent more surveyors had observed an increase in house prices than had seen a decrease, over the last three months of the year; down from the figures recorded back in November, and well below the peak observed in March’s survey.
There were also huge variations reported across the country, with areas such as the North West of England seeing the strongest growth. Rather surprisingly, the drop in growth in property values was most pronounced in London, and this was the only region where more surveyors reported prices falling than rising.
As outlined by the BBC, the survey also found that the number of new properties being listed on the market has fallen for 10 out of the previous 12 months, and the number of properties for sale is approaching historic lows.
The recent Stamp Duty reforms announced back in December were predicted by many to have the potential to bolster the ailing property market. However as argued by the Financial Times, these new survey results suggest that the changes have yet to be felt in the UK housing market.
There is still plenty of general optimism to be found and a number of property experts still believe that the reforms will have an effect in the medium term. According to chief economist at the RICS, Simon Runinsohn, given the permanent nature of these reforms there was no urgency for people to take immediate advantage, which could potentially explain their lack of impact thus far. The RICS has also said its members believe that the stamp duty reforms will support demand at the lower end of the market and boost both house sales and prices.
Reports such as these highlight the often unpredictable nature of the property market and it remain to be seen what changes, if any, will occur in the months ahead. If you’re looking to get on the property market, then here at Search Mortgage Solutions we can help. Our expert mortgage advisors can assist you in finding the right mortgage to meet your individual needs and requirements. So if you’re looking for a mortgage broker in Liverpool, please do not hesitate to contact us today, to speak to a member of our expert team.
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