–RICS: Net -39% Surveyors Saw UK House Price Rise Dec Vs -44% Nov
–RICS: Dec New Buyers Enquiries Balance -12% vs -18% Nov
–RICS: Dec New Instructions -14% vs -4% in Nov
–RICS: Dec Sales-to-Stocks Ratio 21.5% Vs Nov’s 21.3%
–RICS: New Instructions Fall at Fastest Pace Since May 2009
LONDON (MNI) – A sharp fall in new sellers in December saw house
price declines become less widespread, according to the latest Royal
Institute of Chartered Surveyors’ survey.
The December RICS house price survey found new housing supply fell
markedly, with the net balance of new vendor instructions dropping to
-14 from -4, the lowest reading since May 2009. With new supply drying
up, a net 39% of property surveyors reported house price falls in the
three months through December, down from -44% in November.
The improvement in the house price balance in December exceeded
analysts’ expectations. A Market News survey found the median forecast
was for a -42 outturn.
Surveyors were markedly more optimistic about the outlook for house
prices. The December survey found a net 29% expected prices to fall in
the next three months compared with a net 41% predicting a decline in
November.
While new sales instructions fell, actual sales were picking up,
with average sales per surveyor in December rising to 15.2 from 14.8.
As sales and stocks both increased by similar amounts – the stocks
of homes on surveyors’ books rose to 71 from November’s 69 – the
sales-to-stocks ratio nudged up to 21.5% from 21.3%.
Nevertheless, by historic standards the UK housing market remains
very subdued. The long run average in the RICS survey for sales per
surveyor is 27, compared to the 15.2 seen in December. The long run
sales-to-stocks ratio is 34%.
–London newsroom 4420 7862 7491 email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$,MABDA$]