UK housing market pauses for breath, surveyors say
bbc.com – 14/08/14
The housing market “paused for breath” across the UK in July and went into reverse in London, surveyors have said. Demand for UK homes fell for the first time since the start of last year, according to the Royal Institution of Chartered Surveyors (Rics). This, and sales, fell more sharply in London than elsewhere, while the number of homes for sale increased.
Concern over affordability was one factor for the shift, although prices were still expected to rise. Surveyors suggested that property price growth was likely to be faster outside of London than in it. “The shift in the mood music amongst potential buyers in the London market has been particularly pronounced, but that is in a sense consistent with the move to a more sustainable market in the capital,” said Simon Rubinsohn, chief economist at Rics. Read More