United Kingdom house prices grow at slowest rate in 4 years: RICS

United Kingdom house prices grow at slowest rate in 4 years: RICS

It reported a price balance for Northern Ireland of +41% between May to July, meaning that 41% more surveyors said that prices rose in the past three months than those who said they fell.

Political uncertainty, record-low stock numbers, and the impact of tax changes continued to slow the "faltering" United Kingdom housing market in July, according to the Royal Institute of Chartered Surveyors.

Surveyors said record low stock numbers, political uncertainty and the aftermath of recent tax changes were all hindering the housing market.

RICS says this is the lowest level of the net prices balance since Q1 2013.

The data also shows that 19% of North West respondents saw a rise in sales activity despite the number of homes on agents' books falling to an all-time low.

More expensive property was struggling to sell for close to its asking price.

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"Buying in Northern Ireland remains relatively affordable compared with other parts of the United Kingdom, and we see evidence that many people have a strong desire to own their own home".

Indeed, although tenant demand continued to edge higher, it did so at the slowest quarterly pace going back nearly 20 years. Moreover, chartered surveyors are starting to report early signs of this flatter trend permeating outside the capital, as the price balance for the South East of England fell into negative territory, posting the weakest reading for this part of the country since 2011.

Meanwhile, landlord instructions declined, with 8% more surveyors noting a drop (rather than a rise) in listings.

Contributors to the July survey were asked whether sales were coming in at the asking price.

The Managing Director of West One Loans, Stephen Wasserman, comments on the latest survey: "Political and economic upheaval, alongside the ongoing supply versus demand issue, is continuing to plague the property market, damping buyer and investor demand".

"The bridging sector in particular has been flourishing in recent months, as those looking to capitalise on quick sales can do so with the flexibility and speed that this unique type of financing offers, and we expect this trend to continue".