RICS Housing Market Survey United Kingdom Buyer Enquiries Improve but Price Balance Remains Weak

RICS Economics RICS UK ( press office ) RICS housing market survey December 2008 1 T +44 ( 0 ) 20 7695 1682 December 2008 [email protected] RICS housing market survey United Kingdom Buyer enquiries improve but price balance remains weak

• Price balance still strongly negative but less so than in Price changes in England and Wales November % balance of surveyors • New buyer enquiries increasing at fastest pace since August 100 2006 • Confidence in both the price and sales outlooks retreats 75

The seasonally adjusted net balance of surveyors reporting 50

falling rather than rising prices improved from 75.8 to 73.5 in 25 December. This is the least negative level since February 2008. The main factor that is depressing prices is the still large stock 0

of property on estate agents books relative to the pool of able -25 buyers rather than any surge in distressed selling. That said, new vendor instructions are now edging up, but as of yet, such -50 increases have not been material. Significantly, the number of -75 regions recording an increase in new instructions in England and Wales now stands at six (out of ten). -100 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 On the activity side, new buyer enquiries increased for the second consecutive month and at the fastest pace since August Confidence in the sales outlook continued to slip, shifting back 2006. However, completed sales per surveyor (over the last – albeit only just- into negative territory. However, across three months) fell slightly from 10.6 to 10.1, which is the England and Wales, sales expectations were still positive in lowest level on record (this series was first introduced in 1978). five out of ten regions. In terms of the price outlook, Although underlying activity remains weak, the turnaround in confidence fell back deeper into negative territory, reaching the enquiries balance indicates that some level of buyer the lowest level since April 2008. Across England and Wales, interest is returning to the market. This can be partly explained price expectations fell further in nine out of ten regions. by recent sharp cuts in base rates and the fall in house prices seen over the past year which has boosted affordability. More specifically from a regional perspective, the price balance improved in the South East, East Anglia, Wales, the South The average inventory of stock on surveyor’s books remained West, Yorkshire and Humberside and also in the East stable at 78.1. Stocks levels fell through the course of 2008 as Midlands. The price balance remained stable in the North, vendors turned to the rental market, opting to let their while in the North West and the West Midlands, it property in the face of the weak sales market. In December deteriorated. In Scotland, the price balance weakened to its 2008, the inventory of stock stood at only 1.1% up on year ago worst point in the current downturn, while in Northern Ireland levels. This is well below the annual increase of 50% reached in it improved from –69 to –59. March 2008. However, given that average completed sales per surveyor continued to fall back, the ratio of completed sales to the stock of unsold property in the market – a guide to market slack and a lead indicator of future price changes fell slightly from 13.6% to 12.9%. This is the lowest reading since December 1992.

Proportion of surveyors reporting a rise, fall or Prices Stocks of Completed no change in house prices over the last three months homes on books sales* Rise % Same % Fall % Balance** Balance** ------Average per Surveyor------Not Seasonally Adjusted------Seasonally Adjusted------

Jul-08 1 10 89 -88 -82 85 14 Aug-08 1 13 86 -86 -82 82 13 Sep-08 1 8 91 -91 -84 81 11 Oct-08 1 5 94 -93 -81 81 11 Nov-08 2 6 91 -89 -76 78 11 Dec-08 0 16 84 -84 -73 78 10 * House sales over the past three months ** Balance = Proportion of surveyors reporting a rise in prices minus those reporting a fall (if 30% reported a rise and 5% reported a fall, the unadjusted balance will be 25%) Figures may not sum up to 100% due to rounding errors. All figures in table refer to England and Wales only. Total number of survey contributors = 299 2 RICS housing market survey December 2008

National information

Property prices in England & Wales Prices % balance, seasonally adjusted The seasonally adjusted net balance of surveyors reporting

falling rather than rising prices improved from 75.8 to 73.5 100 in December. This is the highest level since February 2008. Looking at the data from an England and Wales perspective, 80 the price balance improved in the South East, East Anglia, 60 Wales, the South West, Yorkshire and Humberside and also 40 in the East Midlands. The price balance remained stable in the North, while in the North West and West Midlands, it 20

deteriorated. In Scotland, the price balance the price balance 0 weakened to its worst point in the current downturn, while in Northern Ireland it improved. -20

-40

-60

-80

-100 1978 1982 1986 1990 1994 1998 2002 2006

Property sales in England & Wales Property sales Average per surveyor, three month period 40

Completed sales per surveyor (over the last three months) 35 fell slightly from 10.6 to 10.1, which is the lowest level on record (this series was first introduced in 1978). On year ago 30 levels, completed property sales are down by 57%, compared 25 to 55% in November. 20

5 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Unsold stocks of properties on surveyors’ books, Eng & Wales Stocks of property Average per surveyor, end period The stock of unsold property on surveyor’s books stabilised 120

at 78.1 in December. Stocks levels are now only 1.1% up on 110

year ago levels. This is well below the annual increase of 100 50% reached in March 2008. 90

50 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Ratio of sales to unsold stocks of properties on surveyors’ Sales to stock ratio books, Eng & Wales %

The ratio of completed sales to the stock of unsold property 70 in the market – a guide to market lack and a lead indicator of future price changes—fell slightly from 13.6% to 12.9%. 60

This is the lowest reading since December 1992. 50

10 1996 1998 2000 2002 2004 2006 2008 RICS housing market survey December 2008 3

Newly agreed sales / Expected sales Newly agreed sales increased for the second consecutive Change in newly agreed sales / Expected change in sales month. Across England and Wales, seven out of ten regions % balance, seasonally adjusted, England & Wales only recorded increases, with particularly sharp rises taking place 60 in the North, South West and South East. London, the West Midlands and Wales saw falls in newly agreed sales. 40 Confidence in the sales outlook continued to slip, shifting back – albeit only just- into negative territory. However, the 20 national balance was skewed by particularly sharp falls in confidence taking place in the North, North West and East 0 Midlands. Across England and Wales, sales expectations were still positive in five out of ten regions. -20

-40

-60 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Newly agreed sales Expected sales (next three months)

Expected change in prices, next three months % balance, seasonally adjusted, England & Wales only Expected prices 95 Confidence in the price outlook slipped back deeper into negative territory, reaching the lowest level since April 2008. 70 Across England and Wales, price expectations fell further in nine out of ten regions, with only a very modest improvement taking place in the North. 45

-5

-30

-55

-80 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Change in new buyer enquiries over the past month New buyer enquiries % balance, seasonally adjusted, England & Wales only 80 New buyer enquiries increased for the second consecutive month and at the fastest pace since August 2006. Across 60 England and Wales eight out of ten regions recorded an increase in new buyer enquiries (compared to nine in 40 November), with only the East and West Midlands still recording overall declines. 20

-20

-40

-60

-80 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4 RICS housing market survey December 2008

New instructions Change in new instructions, past month % balance, seasonally adjusted, England & Wales only

Having been flat in November, new instructions to sell 50 property turned positive for the first time since December 2007, but only marginally so. Across England and Wales six out 40 of ten regions recorded an increase in new vendor instructions, 30 two recorded no change and two regions recorded falls (which were London and the East Midlands). 20

-10

-20

-30

-40 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

RICS housing market survey December 2008 5

Regional information

Price summary*, United Kingdom

Proportion of surveyors reporting changes in price over last three months

Price rise ------Price fall ------Price change (%) by band > +8, +5 to 8, +2 to 5, 0 to +2, Same, 0 to -2, -2 to -5,-5 to -8, > -8 Balance**

North 0000152740513-85 Yorkshire & Humberside0000929291715-91 North West 00001321272018-87 East Midlands 0000834291515-92 West Midlands 000024224077 -76 East Anglia 00001139281013-89 South East 0000161839207 -84 South West 0001381721158 -61 Wales 0000133228189 -87 London 0000113119326 -89 Scotland 0000153325243 -85 Northern Ireland 000041291496 -59

* Not Seasonally Adjusted ** Balance = the percentage of surveyors reporting a rise, minus those reporting a fall

Activity summary* England, Wales & Scotland

Balance of surveyors reporting changes (%)**

Pr ic es Expected Sales Expected Prices Buyer Enquiries New Instructions Dec-07 Dec-08 Dec-07 Dec-08 Dec-07 Dec-08 Dec-07 Dec-08 Dec-07 Dec-08

North -51 -92 -3 -42 -56 -68 -29 30 78 0 North Wes t -40 -82 -6 -35 -43 -89 -10 1 -6 13 Yorkshire and Humberside -58 -79 -54 9 -82 -79 -29 11 -1 9 East Midlands -52 -87 -44 -33 -77 -91 -55 -23 -22 -20 West Midlands -71 -73 -75 -9 -72 -64 -38 -4 -16 0 Eas t A nglia -62 -70 -3 14 -64 -75 -31 45 -8 1 South East -46 -70 -3 16 -50 -79 -27 22 8 4 South West -38 -53 3 15 -57 -66 5 45 8 14 Wales -56 -71 -45 -11 -54 -85 -41 7 -9 12 London -41 -75 10 16 -48 -90 -35 20 15 -6 Scotland -2 -80 -13 -44 0 -69 17 39 -2 23 England and Wales -50 -73 -17 -1 -59 -79 -27 17 2 3 * Seasonally adjusted ** Balance = the percentage of surveyors reporting/expecting a rise, minus those reporting/expecting a fall 6 RICS housing market survey December 2008

North

Mar-08 0 26 74 -74 -78 60 Apr-08 0 14 86 -86 -100 40 May-08 1 10 89 -88 -87 Jun-08 0 13 87 -87 -86 20 Jul-08 0 2 98 -98 -91 Aug-08 0 10 90 -90 -86 0 Sep-08 0 1 99 -99 -93 -20 Oct-08 0 0 100 -100 -90 Nov-08 0 0 100 -100 -92 -40 Dec-08 0 15 85 -85 -92 Balance figure is NOT the percentage change in prices but an indication -60 of the trend in prices -80 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 75

40 50

20 25

0 0

-20 -25

-40 -50

-60 -75

-80 -100 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 New instructions New buyer enquiries Prices of last 3 months Expected prices for next 3 months

Yorkshire and Humberside

Mar-08 1 37 62 -62 -78 60 Apr-08 0 24 76 -76 -92 40 May-08 0 10 90 -90 -89 Jun-08 1 8 91 -89 -90 20 Jul-08 0 4 96 -96 -90 Aug-08 0 5 95 -95 -91 0 Sep-08 0 2 98 -98 -91 -20 Oct-08 0 1 99 -99 -88 Nov-08 0 0 100 -100 -86 -40 Dec-08 0 9 91 -91 -79 Balance figure is NOT the percentage change in prices but an indication -60 of the trend in prices -80 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 80

60 40

40 20 20 0 0 -20 -20 -40 -40

-60 -60

-80 -80

-100 -100 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 New instructions New buyer enquiries Prices over last 3 months Expected prices for next 3 months RICS housing market survey December 2008 7

North West

Mar-08 5 41 54 -49 -63 80

Apr-08 0 5 95 -95 -100 60 May-08 0 10 90 -90 -93 Jun-08 0 18 82 -82 -83 40 Jul-08 0 9 91 -91 -86 20 Aug-08 0 14 86 -86 -85 Sep-08 0 7 93 -93 -95 0 Oct-08 0 6 94 -94 -87 -20 Nov-08 8 3 89 -81 -64 Dec-08 0 13 87 -87 -82 -40

Balance figure is NOT the percentage change in prices but an indication -60 of the trend in prices -80 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 80

60 40

40 20 20 0 0 -20 -20 -40 -40

-60 -60

-80 -80

Mar-08 3 19 78 -75 -87 80 Apr-08 0 16 84 -84 -98 60 May-08 4 5 90 -86 -92

Jun-08 0 9 91 -91 -90 40 Jul-08 4 2 94 -89 -86 Aug-08 0 5 95 -95 -87 20 Sep-08 0 3 97 -97 -90 Oct-08 0 4 96 -96 -83 0 Nov-08 0 0 100 -100 -89 Dec-08 0 8 92 -92 -87 -20

Balance figure is NOT the percentage change in prices but an indication -40 of the trend in prices -60 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

100 100

80 80

60 60

40 40 20 20 0 0 -20 -20 -40 -40 -60

-60 -80

-80 -100 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 New instructions New buyer enquiries Prices for last 3 months Expected prices for next 3 months 8 RICS housing market survey December 2008

West Midlands

Proportion of surveyors reporting a rise, no Prices Changes in sales change or fall in prices over the past 3 months % Balance, seasonally adjusted Rise % Same % Fall % Balance Balance 80 ------NSA------SA 60 Mar-08 4 21 75 -70 -81 Apr-08 4 19 77 -72 -82 40 May-08 5 18 76 -71 -86 20 Jun-08 0 9 91 -91 -100

Jul-08 0 7 93 -93 -87 0 Aug-08 0 16 84 -84 -77 Sep-08 0 14 86 -86 -76 -20 Oct-08 0 5 95 -95 -80 -40 Nov-08 0 20 80 -80 -71 Dec-08 0 24 76 -76 -73 -60

Balance figure is NOT the percentage change in prices but an indication -80 of the trend in prices -100 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 75

40 50

20 25

0 0 -20 -25 -40

-50 -60

-80 -75

East Anglia

Mar-08 4 23 72 -68 -87 60 Apr-08 0 14 86 -86 -100 40 May-08 0 9 91 -91 -100 Jun-08 0 6 94 -94 -90 20 Jul-08 0 11 89 -89 -83 0 Aug-08 0 13 87 -87 -81 Sep-08 4 9 87 -84 -80 -20

Oct-08 0 10 90 -90 -79 -40 Nov-08 0 10 90 -90 -73 Dec-08 0 11 89 -89 -70 -60

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 75

40 50

20 25

0 0

-20 -25

-40 -50

-60 -75

-80 -100 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 New instructions New buyer enquiries Prices over last 3 months Expected prices for next 3 months RICS housing market survey December 2008 9

South East

Mar-08 5 26 69 -64 -80 Apr-08 1 22 77 -77 -95 40 May-08 0 8 92 -92 -97 Jun-08 0 11 89 -89 -90 20 Jul-08 2 12 86 -83 -78

Aug-08 1 11 89 -88 -88 0 Sep-08 0 4 96 -96 -88 Oct-08 0 3 97 -97 -83 -20 Nov-08 3 6 90 -87 -72 Dec-08 0 16 84 -84 -70 -40 Balance figure is NOT the percentage change in prices but an indication of the trend in prices -60 Figures may not sum up to 100% due to rounding errors 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 75

40 50

20 25

0 0

-20 -25

-40 -50

-60 -75

Mar-08 2 36 63 -61 -80 60 Apr-08 3 19 77 -74 -88

May-08 4 24 72 -68 -82 40 Jun-08 1 10 89 -87 -85 Jul-08 1 8 91 -90 -82 20 Aug-08 1 8 91 -90 -83 Sep-08 1 8 91 -89 -80 0 Oct-08 7 7 86 -78 -70 Nov-08 2 4 94 -92 -78 -20 Dec-08 1 38 62 -61 -53

Balance figure is NOT the percentage change in prices but an indication -40 of the trend in prices Figures may not sum up to 100% due to rounding errors -60 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 80

60 40 40 20 20 0 0 -20 -20 -40 -40

-60 -60

-80 -80

Wales

Mar-08 3 26 71 -67 -73 40 Apr-08 0 14 86 -86 -94 May-08 5 23 72 -67 -80 20 Jun-08 6 26 68 -63 -61 Jul-08 1 17 81 -80 -85 0 Aug-08 0 18 82 -82 -83 Sep-08 0 13 87 -87 -91 -20 Oct-08 1 9 90 -90 -80

Nov-08 0 8 92 -92 -75 -40 Dec-08 0 13 87 -87 -71

Balance figure is NOT the percentage change in prices but an indication -60 of the trend in prices Figures may not sum up to 100% due to rounding errors -80 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

60 80

60 40 40 20 20 0 0 -20 -20

-40 -40

-60 -60

-80 -80

London

Mar-08 0 42 58 -58 -73 60 Apr-08 0 18 82 -82 -90

May-08 0 25 75 -75 -85 40 Jun-08 3 19 78 -75 -77

Jul-08 0 18 82 -82 -72 20 Aug-08 4 22 74 -70 -65

Sep-08 0 17 83 -83 -74 0 Oct-08 2 6 92 -90 -78 Nov-08 5 8 87 -82 -77 -20 Dec-08 0 11 89 -89 -75

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

80 100

80 60 60 40 40

20 20

0 0

-20 -20 -40 -40 -60

-60 -80

Figures for Northern Ireland have been collected since the beginning of 2006, though there is insufficient statistical time series information at present to provide market commentary. Summary statistics for the latest month are available on page five, while surveyor comments on the state of the market can be found from page 17. RICS housing market survey December 2008 11

Scotland

Proportion of surveyors reporting a rise, no Prices Changes in sales change or fall in prices over the past 3 months % Balance, seasonally adjusted Rise % Same % Fall % Balance Balance

------NSA------SA 80 Mar-08 25 65 9 16 4 60 Apr-08 29 51 20 9 -2

May-08 4 70 26 -22 -23 40 Jun-08 4 59 37 -33 -33 Jul-08 2 37 61 -59 -53 20 Aug-08 1 26 73 -72 -70 0 Sep-08 2 20 78 -76 -71

Oct-08 0 19 81 -81 -71 -20 Nov-08 0 33 67 -67 -53 Dec-08 0 15 85 -85 -80 -40

Balance figure is NOT the percentage change in prices but an indication -60 of the trend in prices -80 Figures may not sum up to 100% due to rounding errors 2004 2005 2006 2007 2008 NSA = Not Seasonally Adjusted, SA = Seasonally Adjusted Agreed sales Sales expectations

Changes in enquiries and instructions Change in prices % Balance, seasonally adjusted % Balance, seasonally adjusted

100 100

80 80

60 60 40

40 20

20 0

-20 0 -40 -20 -60

-40 -80

-60 -100 2004 2005 2006 2007 2008 20042005200620072008 New instructions New buyer enquiries Prices over last 3 months Expected prices over next 3 months

Chartered surveyor market comments

East Anglia Norfolk – East Anglia Norwich – East Anglia Norfolk – East Anglia Essex – East Anglia Simon Hickling David Potter Tom Goodley A E Bromley‐Martin Maxey & Son Potter & Co Strutt & Parker Strutt & Parker Without any doubt the traditional December is traditionally quiet and Supply could be an issue early next year. Clearly we are experiencing the traditional Christmas quiet period came early this one was quieter. We now hope Hopefully flushing out the buyers hiding in Christmas lull. Hopefully we will see this year. There is a glut of flats in the that prices are reaching an affordable rental accommodation. purchasers start "calling the bottom of the area. Lack of lending to anyone level, those who must sell must see market" next year, which might mean an without a sizeable deposit is the main the light, others who do not Suffolk – East Anglia increase in turnover. Happy New Year and cause of the lack of activity in the acknowledge the situation will not David Burr fingers crossed. market. sell. Lower interest rates are a help. David Burr We are over the worst. Transaction levels are Norfolk – East Anglia Cambridge – East Anglia Suffolk – East Anglia starting to rise, although prices will continue to Andrew Wagstaff John Pocock Stuart Clarke fall. Bedfords Pocock and Shaw Clarke and Simpson Market very quiet this month, but not It is always difficult to guess the December 2008 was our busiest Essex – East Anglia uncommon for December. Reduction in mood of the market in December December for several years. There David Sherwood interest rates has had no immediate effect. because, traditionally, the run up were a high level of exchanges and a Fenn Wright It will be interesting to see whether buyers period to Christmas shows a marked good level of enquiries. The concern is As the credit squeeze starts to ease up, the will return to the market in 2009 and reduction in activity. However, the about future pipeline demand for people to move also begins to kick whether they will see property as a sound impression we get is that more in. There’s no doubt that we have seen a 25% investment. people than expected are starting to Essex – East Anglia reduction in prices already – contrary to what think about coming into the housing Peter Mockett has been reported by the Halifax (they report Norfolk – East Anglia market, and low interest rates are Hilbery Chaplin on a rolling 12 months basis so are always out David Richardson encouraging investors to purchase. Glad to see the end of 2008 – we look of date). Clever money is starting to think the Arnolds They can now get a much more forward to the New Year with time is right to buy – after all it’s very hard to More able buyers out and about, viewing attractive return on letting property cautious optimism. buy right at the bottom of the market. and offering but opening bids are often 25% than is possible with cash + below asking prices, even where they are investments or the stock market. Norfolk – East Anglia Suffolk – East Anglia competitive. Many of those offering are Jeffrey Hazel Christopher Philpot chasing the biggest bargains and pursuing Suffolk – East Anglia Geoffrey Collings and Co Lacy Scott & Knight several properties at the same time. Finance Nicholas Rudge A noted reduction in enquires There are some signs of a slight increase in still a big problem. Durrants activity, but more confidence is needed plus a Woolworths closing, other local perception that the market will soon 'bottom businesses struggling. out'!

12 RICS housing market survey December 2008

East Midlands Derbyshire – East Midlands Northamptonshire – East Midlands Westminster (Mayfair) ‐ London Nottinghamshire – East Midlands Stephen Gadsby Esq Martin Pendered Kevin Ryan Chris Charlton Gadsby Orridge Martin Pendered & Co Carter Jonas LLP Savills Depressed residential market The two weeks leading up to Little activity has taken place in the last The lack of liquidity continues to frustrate conditions continue from November Christmas and the week after have month. Most people seem to have given up the market .The inflow of government to December. Most purchasers still been extremely busy. The last week of all thoughts of buying until next Spring at the cash into the major banks in January may waiting to see when prices "bottom December saw a significant increase earliest. The only serious enquiries are for help free this up .Vendors are now more out" rather than committing to in the number of new applicants, properties above £5 million and fortunately responsive to our recommendations on purchase at this time. including many first time buyers and a there are some deals being done in this price pricing which is encouraging some high level of viewings. We have seen range. purchasers to proceed albeit with Lincs – East Midlands prices down 20‐25% in this area and, caution . The outlook for the early part of William Downing as a result, houses are much more Chelsea ‐ London 2009 looks difficult but we are now one Pygott and Crone affordable and the investor returns Robert Green year into the forecast decline so people Buyers are still experiencing difficulty are up to 6‐7%. This is very good John D Wood & Co. looking for a 10 or 15 year family house obtaining mortgages. Properties are compared with bank accounts. A Overseas buyers are keen to take advantage should really start to think about seriously selling at heavily reduced prices. HIP shortage of new instructions should of the weakening pound boosting buying entering the market payments are a problem – home change in January. A bright prospect power. There seems to be increasing owners reluctant to pay costs once in our view. sentiment that prices are stabilizing, and that Lincs – East Midlands prepared. the spring of 2009 could be the time to buy Ian J Shaw Leicestershire – East Midlands to catch the bottom of the market. Most Escritt Barrell Golding Lincolnshire – East Midlands David Johnson vendors have adjusted to the market The continuing negative publicity makes Christopher Shallice Readings Hope & Mann LLP conditions and as a result prices are nearer the situation worse. Hix & Son Seasonal factors combining with to the expectations of buyers, helping Confidence in the housing market is difficulties in raising finance have seen activity levels. Lincolnshire – East Midlands extremely negative. Forced sales in a low sales volume maintained Peter Mountain progress. The outlook for the early despite higher buyer enquiries and Central London Peter Mountain part of 2009 is extremely bleak. viewings. A more liberal mortgage Jonathan Slater It is never easy to make much sense of market could see improvement in the Foster Slater December figures, as there are Derbyshire – East Midlands house market by Spring 09. The first quarter of 2009 will determine the enormously affected by the holidays. The Neil Hunt shape and mood of the market for the market remains very difficult, with Wilkins Vardy Leicestershire – Eats Midlands coming year. Once confidence begins to interest generally confined to the most The traditional Christmas slow down Stephen King come back, then this will hopefully stabilize competitively priced houses. Prices are was more than evident and began in King West prices and stimulate activity. down by at least 20% over the year. November. Rarely can a New Year Some vendors now adjusting to have started with so little optimism. market reality. Offers made on Central London Leicestershire – East Midlands Forget location,location, location the property during December exceeded James Perris Andrew Granger Esq FRICS c/o Peter new mantra price, price, price. the previous 2 months. Volume of De Villiers Surveyors Buckingham sales agreed exceeded December A continued lack of competitive finance Andrew Granger & Co Low Lincolnshire – East Midlands 2007. Offers currently being made by available in the market is hindering activity. Low interest rates are certainly attracting Edward Wreglesworth prospective purchasers are Whilst we have seen a few more buyers this potential buyers to the marketplace, but Escritt Barrell Golding significantly below vendors month this has primarily been where they are only committing if the purchase Reduced base rates have had no expectations. properties are being sold at very competitive price is appealing. Buyers are concerned significant effect on underlying levels and the buyers loan to value ratio is that prices might fall by a further 10‐15% weakness of confidence and general generally low. Overall demand and market during 2009. FTB's and those buyers who lack of activity. Merseyside – East Midlands confidence continues to remain low. have moved temporarily into rented Louis Rigby accommodation are closely watching the Lincs – East Midlands J.B & B Leach London market to assess when prices might level R L Bell Price falls are slowing up and the James Wilson off. Robert Bell and Company recent rate cut should slow down W A Ellis Expect further price fall of 20% in matters further. Prices should stabilize Sellers beginning to become realistic if they Lincolnshire – East Midlands 2009 but hopefully a bit more activity throughout 2009. seriously want to trade. Purchasers, although Mark Newton in the latter part of the year. The few, certainly able to buy at realistic levels Newton Fallowell sooner we hit the bottom the better. London and (those with equity) at advantageous December was surprisingly good for sales Knightsbridge ‐ London borrowing rates. beating both 2007 and 2006. A lot of these Derbyshire – East Midlands B D'Arcy Clark sales were distressed style but a sale is a Stephen Jeffery Savills London sale, we hold our breath for 2009. Jeffery Jones Partnership Negatively: Falling incomes, lower job Arwel Griffith Bleak outlook for the first quarter of security, difficulty obtaining loans, Robert Sterling Northampton – East Midlands 2009. Witnessing more repossession overall sense of gloom. Positively: the A bit more encouraging at last Quentin A Jackson‐Stops sales at the moment, with those weak pound will at some stage cause Jackson‐Stops & Staff priced competitively seeing good overseas investors to revisit UK Middlesex The run up to Christmas combined with levels of interest, particularly those property investment. It is now not Keith Barnfield the slowest market seen since the early at the lower end of the market. Hope only 20‐25% cheaper but their own Barnfields 1990s meant that December saw few sales to see greater market activity as currency will be some 30% stronger Very quiet due to both seasonal factors and agreed and even fewer new instructions. buyers regain confidence in the relative to the pound. the low availability of finance We are certain that in spite of the lack of market with recent 1% interest rate mortgage finance available, sale volumes cut, so long as banks pass on this are set to rise as winter turns to spring reduction to its customers. Quiet end although a further decline in values is to 2008 as expected. seems a certainty.

RICS housing market survey December 2008 13

Barnet ‐ London Essex Essex London Jeremy Leaf David Parish David Boyden Dominic Pasqua Jeremy Leaf & Co Gates Parish & Co Boydens Knight Frank December proved to be another quiet The market is very quiet partly due to It's still tough, but with re‐educating House pricing dropping and fewer month for us for new sales although the Christmas. Activity is unlikely to sellers on the market, some deals to applicants. number of buyer enquiries increased improve until the market has be had. considerably when compared with the bottomed out. Further price North previous month as well as this time last reductions will be required to London Tyne and Wear ‐ North year. However, continuing difficulties in encourage potential purchases. Gary French Edward Watson BSc (Est.Man) FRICS MCIArb obtaining mortgage finance and worries Friend & Falcke Edward Watson Associates over unemployment mean that prices are Surrey The market continues to suffer due to The market has been very, very slow, with continuing to drift lower despite more Anthony Jamleson the gloomy economic outlook. few active purchasers. I have seen no market realism which is generating interest Clarke Gammon Wellers However, due to the weakness of benefits of the Government's attempts to from owner occupiers with higher deposits A better December and hope for sterling against the euro, we are resuscitate interest and unfortunately I do as well as from investors. 2009 maybe more positive. The beginning to see foreign buyers take not expect to do so well into the spring. interest rate cut and the realization more of an interest in the Central That said, some cash rich purchasers are London from vendors that they have to be London market. driving hard bargains, often "gazundering." Benson Beard very competitive on their asking price Bective Leslie Marsh and when negotiating have been Middlesex Northumberland ‐ North Recent interest rate cuts will of course help major factors. Fingers crossed for the Stephen Whitley AJF Bruce in the medium to long term but with banks first quarter of 2009. R Whitley & Co Edwin Thompson still reluctant to lend money, it is difficult to The number of properties being The general attitude appears to be "wait see any short term market recovery. I do Brook Green ‐ London repossessed in this area is still and see" as houses may be cheaper in though believe that 2009 will see an Justin Knight relatively low. It is noticeable that 2009.If sufficient numbers follow this course improvement with more buyers regaining Bective Leslie Marsh repossessions are rarely of owner then it is inevitable that prices will fall. confidence. The weak pound could also Following significant price drops and occupied family homes. It would be encourage buyers from Europe and the US. further interest rate cuts there is a interesting to know whether a large Durham ‐ North growing momentum in the Central proportion of repossessions taking Keith Johnson Surrey London property market. The number place throughout the UK at the J W Wood Mark Everett of new applicant registrations has present time relate to what would December was a surprisingly better month Michael Everett & co gone through the roof, primarily have been speculative/investment for sales agreed. As we well know, Increased vendor realism and improved driven by those in service industries type of purchases. December can be a quiet month but we numbers of viewings and offers suggests and with professional backgrounds as agreed more sales in December than that buyers at least feel the bottom of the opposed to the banker dominated Barnet ‐ London November. We agreed double the number market is in sight. Levels of stock for sale past two years. Jeremy Leaf of sales this December compared to last and are falling, while family homes to rent are Jeremy Leaf & Co a third more than December 2006 which more plentiful than ever. A challenging year London December proved to be another quiet was a much better market. However, a third in prospect. Edward Rook month for us for new sales although of sales agreed ‐ 5 units ‐ were Knight Frank the number of buyer enquiries repossessions. There are still issues over London Redundancies and lack of bank increased considerably when decent LTV mortgage deals. Luke Pender‐Cudlip spending compared with the previous month Knight Frank as well as this time last year. Tyne and Wear – North The reduction of many people’s monthly London However, continuing difficulties in Neil Foster MRICS mortgage payments has taken the pressure Grant Alexson obtaining mortgage finance and Foster Maddison Property Consultants of many people’s need to sell. Generally Knight Frank worries over unemployment mean A noticeable increase in buyer enquiries and vendors are being more realistic about Buyers appetite to buy improving that prices are continuing to drift good response to our part‐exchange pricing. although they are still price sensitive. lower despite more market realism initiative have rekindled belief that the Many vulture funds. which is generating interest from marketing may be leveling out. Kent owner occupiers with higher deposits Mike Howson Pimlico/Westminster ‐ London as well as from investors. Wilts ‐ North Ibbett Mosely James Gubbins Ian Perry It is very difficult to separate seasonal Dauntons London Perry Bishop & Chambers trends to what is happening in the market. Activity (buying and selling) has Charles Puxley The market seems to be bottoming out as Activity was down prior to Christmas but reduced severely with very low Jackson‐Stops & Staff investors are returning to the buy to let there were still deals being done. turnover. Clientele attention is more There have been more enquiries in market focused on Christmas preparation Central London this month which is Surrey and is not expected to return until encouraging with some investors Lancashire ‐ North Martin Seymour after the holidays. sensing that this is a good time to Michael Fisher Crow Watkin start looking, but they are very Fisher & Wrathall Purchasers’ confidence at low. Given Surrey cautious and will only go ahead if the More offers coming through – turning into concern over future price falls, activity John King available property looks very good more sales transactions. New listings down remains weak. Quinton Scott value. Thus it has never been harder but steady. With the over supply of new purpose to find the right house or flat. A very London built flats being offered at substantial worrying trend is appearing with Dick Ford discounts to investors by national buyers, having exchanged contracts, Knight Frank builders the impression is being asking for more time to complete as Negative reporting in press. Availability fuelled that values have fallen further their finance has not come through as (and perceived lack) of finance. Value of £. than they have. Discounts of up to expected. Heads buried in sand re values. 40% have created this picture. This distorted view is not the case with Middlesex the rest of the market where values Mark Thompson and sales are being agreed within a Jackson‐Stops and Staff 10% margin. Very quiet, but it is Christmas ‐ the High Street is generally quiet too. Fingers crossed things pick up in 09.

14 RICS housing market survey December 2008

Northumberland ‐ North Suffolk ‐ North Lancashire – North West Scotland Richard Sayer Richard Bannister Jonathan Clayton Scottish Borders ‐ Scotland Rook Matthews Sayer Bannister & Company Bentley Higgs & Co Chris Highton The seasonal slow‐down was not as The market remains slow partly due It is evident the Bank of England, Allied Surveyors significant as expected, possibly reflecting to a normal seasonal slow down. economists, anybody connected with We have seen a few sales coming back the already reduced activity. Realistically Many vendors are still unwilling to the property market are predicting through this month, but transactions are still priced homes are selling satisfactorily and accept offers which reflect market price reductions of up to 15% in 2009. significantly below a year ago. Prices have mortgages are starting to become more conditions. As a consequence, our enquires have begun to fall a little here and there, but there available. Market confidence is rising for completely come to a halt other than is no widespread fall across the market. The increased activity in the New Year. Kettering ‐ North for repossessions or forced sales. introduction of Home Reports led to higher Repossession enquires increasing, buy to Christopher Blotsos Prospects for early 2009 are abysmal numbers of houses coming to market in let investors are returning with lower Henry H Blotsos but if recent interest rate cuts are November, with very few in December so far. prices and improved rental offering much Over the last few weeks there have reflected in mortgage rates then the greater returns than 2 years ago. Real been more enquiries from prospective property market may well stabilize by Stirling ‐ Scotland opportunities for well advised purchasers. purchasers who are looking to 2009. Brian Devine purchase in the New Year. Several Graham+Sibbald Northumberland ‐ North viewings are taking place which is Caredigton – North West Introduction of Home Reports from 1Dec Sam Gibson more encouraging. Let’s look forward Andrew Morgan caused people to think twice before putting Strutt and Parker to a great new year. Morgan & Davies property on market. In any event Dec is Reduction in market rates has resulted in Some renewed activity but very traditionally quieter for buying/selling. an increase in enquiries for homes most North West sluggish at present. We don't think Negative‐‐‐‐job security. Positive‐‐‐low interest suited as holiday houses. New enquiries Cheshire/North Wales – North West that we have touched the bottom of rates and indications banks will start lending for purchases tend to be quality buyers. Jonathan Major Strutt and Parker the cycle yet. again. Some buyers are assuming there is 10 Durham ‐ North to 20% off everything and therefore Northern Ireland Aberdeen ‐ Scotland Stuart Allan are missing some good opportunities County Antrim – Northern Ireland Gordon Macdonald Broadley & Coulson to buy at realistic prices. The Tom McClelland Allied Surveyors The market trend continues to be Christmas market has come early and McClelland Salter The fall in the oil price has further reduced downwards in both numbers of houses i would not be surprised if the first Northern Ireland prices have fallen confidence, though levels of activity are much sold and price of houses sold. Sales are weeks of 2009 show a marked further and faster than the rest of the better than elsewhere in the country. Upper falling through due to difficulty in increase in activity. UK. Bad news national stories still end of the market is very resilient and above obtaining mortgages especially for first frighten and rattle buyers’ confidence £750,000 prices are still rising though only time buyers. Numbers of enquires and Merseyside – North West despite the rapid regional price modestly. viewings have shown a downward trend in Brian Jackson reductions of more than 30%. December. Interest shown mainly in Ellis & Sons Edinburgh ‐ Scotland keenly priced properties or properties The market still remains virtually Londonderry – Northern Ireland A H Perriam selling at a discount, especially good paralyzed. Aidan Conway Rettie & Co Ltd quality re‐possessions. P Andrews The expected slow‐down in market Cumbria – North West Price levels are bottoming out but transactions over December reflected nothing Ynys Mon ‐ North David Benjamin lack of available finance for First Time more sinister than seasonal norms. The Dafydd Hardy Matthews Benjamin Buyers is preventing any significant introduction of Home Reports on 1 December Dafydd Hardy Y Gwerthwyr December has been a much brighter increase in sales. led to a number of attractive instructions over Buyers are holding back, they're waiting month in South Lakeland for property November, giving a fillip to the late Autumn for a bargain. sales across all price ranges. Buyers Co Tyrone – Northern Ireland market. It also meant that many more who have been sitting on the fence N M Maneely properties than usual were not withdrawn Tyne & Wear ‐ North for most of the year are now making Maneely & Co. temporarily, but remained available Paul Airey offers. Prices have fallen but Pricing is more realistic (older throughout the traditional "close season" Paul Airey Chartered Surveyors confidence seems to be properties are still over priced). Large Following the Northern Rock situation we strengthening. increase in interested parties. Interest Scotland now have issues over the Nissan car plant rate cuts help. Banks have to pass on Alexander Inglis which is by far the largest employer both Lancashire – North West benefit of the interest rate – make John Sales Chartered Surveyors directly and indirectly. J Waddingham mortgages easier available. December has been fairly quiet with few new Garside Waddingham houses coming on to the market following a Tyne & Wear ‐ North Activity on all fronts is substantially Co Down – Northern Ireland rush to beat the home report in November. T H Brannen reduced. Few prospects coming to the Bronagh Boyd Volume of sales has improved due to an influx Brannen & Partners market partially due to HIPS and Digney Boyd Ltd of heavily discounted properties – mainly at Roll on the New Year. Hoping for a "clean enquires are very low. Further pruning Confidence still low. Low loan to the lower end of the market. slate" from early 2009. of the industry is inevitable. value ratios make it difficult still to achieve a good mortgage deal. Scotland Lancashire – North West Repossessions on the increase. There Grant Robertson Vale of Giamorgan ‐ North Richard Powell is value in “the market” and Allied Surveyors D E Baker Ryder & Dutton purchasers are there. The market in the west of Scotland has stalled David Baker & Company Following the recent interest rate cuts and the confusion on the introduction of Very quiet December, only to be expected. December was actually the best home reports made sellers sign up in October Hopefully things will pickup by the end of month for sales agreed since the and November leaving their sales pricey and January. There are still enquiries and spring with mainly speculative buyers stale. Little evidence that any sales will come houses are still selling. Some people have re‐entering the buy to let market. this month or next and further price falls to move it is all relative but the media Most of the indices are behind the inevitable. continue to talk the market down. market by about 10% and quite a number of sales now being agreed at Scotland 20/30% less than at the peak although James McIntyre these are mainly repossessions and J & E Shepherd forced sales. The market is fairly quiet at present. Houses are taking longer to sell. The reason for this is difficulty in gaining loans and the fact that there are far too many houses on the market. RICS housing market survey December 2008 15

Lauder ‐ Scotland Hampshire – South East Kent – South East Dorking – South East James Denne David Nesbitt David Robinson Mark Eshelby Knight Frank D M Nesbit & Co Karrison Latchmere Properties Ltd Concerns over the credibility of Edinburgh’s As we end the worst year for First time buyers remain concerned The market remains quiet although buyers financial sector. Increase in redundancy property, there are grounds for hope that values could still fall significantly are clearly out there. Recent rate cuts have numbers within the city. Lack of available for a better new year. The dramatic throughout 2009. The recession fears helped but the problem relates to funding for mortgage purposes. fall in interest rates, which mirrors are now starting to kick‐in. There are confidence not affordability. The recovery, the fall in prices, may just be some excellent deals out there for when it comes will be swift and sooner than Scotland encouraging buyers. There is an buyers, and local investors are is being forecast. Paul Taylor increase in demand followed by an starting to buy. J & E Shepherd increase in sales. Confidence is a Kent – South East Confidence in market gone. No change likely fragile commodity, and if Buckinghamshire – South East David Parry for the foreseeable future. unemployment increases John Frost Cluttons Llp significantly, then the market will The Frost Partnership The number of sale transactions increased in Scotland again be affected. There will be no It has been a quiet period leading up December due to cash buyers who have Iain Lewis price increases, but there will always to Christmas for newly registering occupied rented property for some months Torranco Partnership be those who have to buy and sell. buyers. However, we have agreed a being tempted by the reduced prices. The downturn in activity in the residential few sales and are negotiating still on Reduced instructions ‐ mainly forced sales. sector has continued and that, allied to Kent – South East several offers. The sales agreed are all Other potential vendors are waiting for the increasing affects of the recession, has R.A.Sumner at levels significantly below asking market to bottom out and transaction rates resulted in a reduction in prices being Sumner Pridham prices. improve before marketing their properties. achieved. There is no confidence in the Conditions remain grim through out market and no prospect of that changing. It the whole of the local residential Andover South East Surrey – South East is expected that prices will continue to fall market. A stamp duty honeymoon is David Smith Peter Haynes Trenchard certainly in the first two or even three required to stimulate the market. Dreweatt Neate Arlidge quarters of 2009. The cut in interest rates More sales achieved in December as Until first time buyers are active in the has had no significant affect. Buckinghamshire – South East vendors understand the need for market and banks and building society John Frost realism. There is the prospect companies lend monies at sensible rates Scotland The Frost Partnership therefore of more transactional then the market will continue to decline. Alasdair Seaton December was more productive with business, provided vendors retain D M Hall acceptable levels of new sales that sense of realism and the Gloucestershire – South East Virtually no change in the market. Liquidity agreed. New homes continue to necessary finances are available for Mark Annett is still a major factor. under pin the results with developers purchasers. In the recessionary Mark Annett & Company resolved to sell at significant climate, the outlook though is that A difficult market and the traditional South East discounts. The second hand market prices will continue to fall for the Christmas slowdown is upon us. Having said Hampshire – South East has shown a shift in attitude of foreseeable future. that, we have been busier in the last three Richard Meeson vendors to accept the adjustments in months than expected. It is difficult to Dreweatt Neate the market. The 11+ results are out, St Albans – South East forecast for 2009. A continued shortage of period houses so families are able to commit to Kevin Rolfe coming to the market for sale, reductions in move. Buyers in rented Aitchisons Wiltshire – South East both the cost of borrowing and rental prices accommodation coming to the end Much busier, more registering, more J G Waterton (due to the increase in available property) of tenancies are now looking to buy viewings/offers and sales agreed than Strutt & Parker producing conditions where supply is being at lower prices, lower interest rates other years. Activity remains low but I would not expect outweighed by demand, even taking into still need to be passed on to buyers. much else at this time of the year. There are account the requirement for larger deposits. Surrey Bryan Elphick – South East a growing number of new buyers who see The prospect of it becoming cheaper to buy Hertfordshire – South East Elphick Estate Agents 2010 as the time to buy....we will see. a property rather than rent it is looking more Kevin Rolfe Occasional flickering of activity, very likely. Aitchisons little happening, desperately hoping Devon – South East December has undoubtedly been a for some confidence in the New Year. William Morrison Surrey – South East busier and more productive month Knight Frank Peter Fearn on all accounts. There has been a late West Sussex – South East Buyers are keen but feel market has Keats Fearn rush from those in a position to Philip Hiatt significant falls to come yet which is A typical Xmas but things were already very proceed to secure a purchase at Halifax Estate Agents reflected in very low offers. quiet so we have not really noticed much what is perceived to be a good deal. Sales in December held up well difference! Latest base rate cut has had no despite the continuing diet of gloomy Devon – South East impact at all. Essex ‐ South East economic news. Buyers still wanting Roger Punch David Oswick frics to buy and even some first time Stags Sussex ‐ South East David Oswick buyers now looking again. We remain December has been surprisingly busy with Geoffrey Holden Due to the general seasonal cautiously optimistic that volumes viewings 17.5% up on the same month last Parsons Son & Basley reduction in demand and the adverse will increase in the New Year as a year. Offers received are frequently below Applicants are still not confident in the press and media publicity it is very sense of realism in terms of prices the market level. We are optimistic that the current market conditions mainly due to difficult to gain any positive feed pervades the market. New Year will produce a steadily improving negative media reports. back from the market generally and transaction level. this makes it very nearly impossible East Sussex – South East Essex – South East to value property accurately. Unless John C R Husband Devon – South East W J Hartnell the lending houses release more Humberts Sandy Davenport Simon Matthews & Co money to encourage the first time The continuing adverse press Knight Frank As usual the market has been slow up to buyer market then the present comment on the deteriorating I have recently sold a small estate on the Christmas. Now is the time for the situation will cause the property economic situation and the dart and had 14 offers. We have also Government to suspend HIPs. Nobody is market to die completely. difficulties in obtaining mortgage experienced the first attempted gazump of going to spend several hundreds of pounds funding has severely affected market the year in December. on these in a poor market. We hope 2009 confidence, resulting in wholesale will improve from about February. decline in demand and numbers of sales being achieved across all price sectors.

16 RICS housing market survey December 2008

Devon – South East Glamorgan – South East Devon – South East Cardiff ‐ Wales Timothy Garratt Kelvin Francis Kaith Metcalfe David K Jones FRICS Rendells Kelvin Francis & Co Metcalfe's Jones and Redfearn In the current financial situation with The market is quiet in December, but This month is always traditionally Even allowing for the usual seasonal falling bank interest rates, some people the number of viewings have quiet, this year with constant media slowdown the market is stagnating. The only are coming back to property as a better increased. Potential buyers are not pessimism and predictions of further thing the market wants for Christmas is investment preferring to have their money afraid to offer although, due to low price falls potential buyers are staying 'confidence'. Looks like it will be disappointed in bricks and mortar. levels of these offers, comparatively away. with ever worsening economic news being as few sales have been agreed. Vendors much help as another jumper from the mother Devon – South East are proving to be realistic in the initial Dorset – South East in law. Predictions price drops may attract David J Dark FRICS pricing &when considering offers Julian Bunkall buyers but this needs matching by bank Seldons received, although those making an Jackson‐Stops & Staff finance. This being the case transaction levels It remains a difficult market, but increasing offer are nervous & often submit With the continual diet of doom and may increase but certainly not prices. 2009 signs that buyers realize that property excessively low figures. If the gloom from the media it is hard to be will find it hard to be ' a prosperous New Year.' perhaps offers better long term availability of mortgages at positive about the prospects in 2009. investment prospects, with only nominal reasonable rates improves in the new Nonetheless in this part of the world Powys ‐ Wales rates now offered by banks/building year this will make a huge difference. if we obtain some good new R R Williams societies and a poor performing stock instructions in January we feel there McCartneys market. Gloucestershire – South East is still a market out there with buyers Every potential buyer is hesitating as they wait Ian Perry Esq FRICS becoming frustrated by the low to see when things will bottom out. Even first Somerset – South East Perry Bishop & Chambers return. time buyers with the means to purchase are Alastair Martin The market seems to be bottoming influenced by media speculation of further Dreweatt Neate out as investors are returning to the Devon – South East falls in 2009. Not much light at the end of this Lack of lending is having a negative impact. buy to let market. Timothy Garratt tunnel. Rendells Devon – South East Gloucestershire – South East With the worsening situation re: bank Pembrokeshire ‐ Wales Ray Saunders Emma Bishop interest rates and financial John Nicholas Webbers Property Services Strutt & Parker institutions some people are coming J J Morris Lack of sales on the South East and West The massive Interest rate cuts have back to property as a better Little sign of improvement in the housing Midlands has a direct impact on our sales encouraged those with money in the investment, preferring to have their market is likely due to the adverse media in the West Country. Second home buyers bank and living in rented to step up money in bricks and mortar. coverage. Vendors are reluctant to accept the almost non existent. their search. Commitment is still an reality of the situation and there is little point issue, but bearing in mind it is Wales continuing to market some properties that Dorset – South East Christmas we are still busy with Cumbria ‐ Wales have not adjusted prices to reflect the lack of Mark Lewis viewings. Andrew Holmes demand. Symonds & Sampson Carter Jones Many properties receiving no interest. Middlesex – South East Activity in all sectors remains Torfeen ‐ Wales John Frost constant and we are taking new Beverley Morgan Bath & North East Somerset – South East The Frost Partnership instructions for January. New buyer Beverley Morgan & Co Stephen Morris The number of new applicants has inquiries are slightly up on last month Still a complete lack of confidence with Davies & Way increased in December hope fully a however buyers are still looking for a prospective purchasers still not prepared to The increase in activity levels amongst good sign that buyers are expecting heavily negotiated deal. commit themselves, particularly first time purchasers particularly in the price ranges the market to ' bottom out' over buyers. Reluctance of vendors to place their up to £250,000 gives grounds for some January. Carlisle ‐ Wales premises on the market bearing in mind the optimism that prices may have started to Peter Hayward expenditure in relation to HIP's. Some bottom out. However accurate pricing Middlesex – South East Hayward Tod Associates speculators purchasing but at considerably remains an essential ingredient to securing Stephan Whitley December proved active in the first less, in some cases 40% less than the asking a sale in a reasonable timeframe. R Whitley & Co half with offers translating into sales prices. The number of properties being re agreed. Buyers do have a desire to Bath – South East possessed in this area is still relatively proceed where they can recognize Pwllheli ‐ Wales John Cowley low. It is noticeable that re value. December always brings out Dafydd Hardy Crisp Cowley possessions are rarely of owner those looking to progress before the Dafydd Hardy Estate Agents The last two months have seen an occupied family homes. It would be end of the year. Talking to more investors, they seem to be improvement in sales, mainly because the interesting to know whether a large looking but not purchasing at the moment. vendors were realistic in terms of offers proportion of repossessions taking Cardiff ‐ Wales Repossession properties coming onto the received. place throughout the UK at present Mike Lawley market at realistic prices and selling. time relate to what would have been Cooke and Arkwright Wiltshire – South East speculated/ investment type Enquiry levels have increased with a Cardiff, South Glamorgan ‐ Wales J M Buthcer purchases. modest increase in viewings. Kelvin Francis H W White Confidence is poor. Genuine interest Kelvin Francis & Co. The market in my opinion still has another Middlesex – South East is from buyers relocating to the area. The market is seasonably quiet in December, 20% left to reduce before we hit the John Frost in fact the number of viewings have increased. bottom. That will give a 40‐50% correction The Frost Partnership Potential buyers are not afraid to offer in all. There is so little sales activity locally although due to the low levels of these offers, that currently statistics are comparatively few sales have been agreed. meaningless. Not until there is more Vendors are proving to be realistic in the initial balanced lending criteria for willing pricing and when considering offers received home owners and the press stop the although offerers are nervous and submit ongoing negativity will the residential excessively low figures. If the availability of market stabilize. mortgages at reasonable rates improves in the New Year that will make a big difference.

RICS housing market survey December 2008 17

Gwent ‐ Wales Worcestershire – West Midlands Powys – West Midlands South Yorkshire – Yorkshire and Humberside Julian Dyer Edward Gallimore David Mark Loyd M J Hunter Julian Dyer & Co Edward Gallimore Morris Marshal & Poole Grice and Hunter There has been a flurry of activity in both Cash is king. There are many buyers Slightly more enquiries from potential As usual December has been a quiet month sales and lettings(which were also waiting to buy the right property. purchasers. Mainly investors looking although interestingly a number of sales that struggling) over the last month or two. for bargains at the lower end of the were agreed early November have This has also lead to increased activity in West Midlands market. completed early. The present type of respect of mortgage valuations. Let’s hope John H Ozwell speculator buyer is the most astute and we the trend continues into 2009. Hunters West Midlands wonder if they are completing early because December figures are typically Stuart Swash they see that the bottom of the market has Pembrokeshire ‐ Wales downward as is usual for pre‐ K. Stuart Swash been reached and that prices may start to Paul Lucas Christmas, therefore, not really The market place is still adjusting to increase. R K Lucas & Son indicating any real trend. However, the current economic climate. The There are currently very bad buyers in the there is a feeling that pent up median continues to press down on West Yorks – Yorkshire and Humberside market with available finance enabling them demand to buy may produce a slight gloom. David Pank to proceed. Where sales are negotiated lift in the New Year. January ‐ March Manning Stainton prices are between 20% and 25% below figures will be crucial. West Midlands Buyer enquiries have definitely increased in buyers agreed for properties 6 months ago. Andrew Grant December and December 08 has surpassed West Midlands Andrew Grant December 07 in terms of sale numbers. We Flintshire ‐ Wales M J Quantrills The rate of cancelled sales has anticipate that prices will fall further but that David W Pearse Quantrills improved significantly during the transaction levels will now hold steady as David W Pearse & Co Difficult to assess the overall previous few weeks and there is now distress sales are increasing and delayed Very little activity with more price falls situation as this is a seasonal quiet an emerging sense that the number decisions now have to be made by sellers. anticipated in the New Year. HSBC’s time of the year. We ought to state of property transactions has reached 2010 may well be the year of gentle announcement of a substantial increase in that the volume of sales has reduced a level that can but now increase ‐ recovery. mortgage funds is however welcome and if considerably in the last few months particularly influenced by an the other “re‐capitalised” lenders follow, and therefore it is difficult to assess increasing number of re‐possessions. North Yorkshire – Yorkshire and Humberside this could indicate that the bankers feel we the situation with the small volume. Stephen Edwards are either at the bottom or close to the Walsall – West Midlands Cundalls bottom of the market. Shropshire – West Midlands Andrew R Perrin Christmas and New Year never a good time. John Andrews Fraser Wood Hopefully will pick up around Feb Powys ‐ Wales Doolittle & Dalley Unusually for this time of year a David James General lack of activity both in number of sales have been agreed West Yorkshire – Yorkshire and Humberside James Dean relation to new instructions and sales and in some cases more sales have Ian Martin Briggs Very quiet December. although completions from autumn been agreed in the last six weeks Dacre Son & Harley sales concluded. Still evidence of lack compared to a similar period during Continual media speculation over extent of Penrith, Cumbria ‐ Wales of confidence by both sellers and the Summer time, although prices are falls in property values during 2009 is Douglas Farmer purchasers resulting in low levels of significantly lower than they were six undermining what little activity exists. Penrith Farmer & Kidd's PLC activity. Improvement in range of months ago. What more can be said? Help! mortgage products in 2009 should York – Yorkshire and Humberside help restore confidence and the Worcestershire – West Midlands Nigel Naish FRICS West Midlands return of both first time buyers and John Andrews Naish Estate Agents & solicitors Shropshire – West Midlands investors as asking prices are now at Doolittle & Dalley Continuing adverse media commentary is Jeremy Dell more realistic levels. Whilst prices in all ranges continue to still deterring sellers from putting property J.J. Dell & Co reduce to attract buyers, the monthly on the market and buyers from buying. Christmas is traditionally a quieter time of Worcestershire – West Midlands results are worsened by the usual lull More sellers understand that prices are year however the slump in the market has Sue Brotheridge leading up to Christmas and the New falling and these are the ones selling. made it difficult to gauge the effect of the Connells Estate Agents Year. As more mortgage products Incredibly low mortgage interest rates do low base rates. Lending institutions are High loan/value & high arrangement become available in 2009 with not seem to be having any impact on market reluctant in a falling market, however poor fees, extra checks on people at quite increased activity from first time activity. Home Information Packs‐ First day deposit returns may encourage purchasers a late stage in mortgage application buyers and investors, it is hoped that marketing will serve only to prevent to return. FTB need a 25% deposit and job process are making it all very difficult market will then start to improve into stabilization of prices and cause further security. High number of repossessions will for purchasers. We need more the spring. damage to the market. deflate the market. lenders to do deposit schemes of 10%, much better than just Yorkshire and Humberside Norfolk – Yorkshire and Humberside Worcestershire – West Midlands reductions. Tyne & Wear – Yorkshire and Raymond Smith John Andrews Humberside Watsons Residential Doolittle & Dalley Warwickshire – West Midlands Neil Fosters December is not a good month for sales. A quiet end to the year with the usual lull in Dean Lomas Foster Maddison Property Very little new activity. Low offers are being instructions and new enquiries prior to John Earle & Son Consultants made. Christmas. No sign of any improvement in I think after Christmas into early A noticeable increase in buyer property prices which in some instances spring prices will continue to fall but enquiries and good response to our Harrogate – Yorkshire and Humberside have fallen to levels not seen since 2002. then I believe we will reach a part exchange initiative have Tom Robinson bottom. rekindled belief that the marketing Knight Frank Shropshire – West Midlands maybe leveled out. Despite doom and gloom Harrogate office Mark Wiggin Worcestershire – West Midlands has sold only 12% fewer houses in 2008 than Strutt and Parker John Andrews Yorkshire – Yorkshire and 2007. Notable shortage of quality houses for As soon as property reflects today value i.e. Doolittle & Dalley Humberside sale. Still high percentage of buyers moving some 20‐25% of the height the house will Lack of mortgage products have B J Hudson from outside of Yorkshire. Location remains sell. It is proving difficult for some vendors impacted further on sales resulting in Hudson Moody a strong driver of demand . to accept what is happening in the 'real' much lower turn over of property in A small upturn in sales primarily due world‐those who do will sell, those who last 3 months. Improvements with to vendors starting to accept lower North Yorkshire – Yorkshire and Humberside don't it may well be a painful period. 2009 mortgage availability and consumer offers. Francis Brown Norman will be a year for realistic sellers. confidence should lead to more F Brown hoping for fresh buyers to come to activity in a spring market place. the market in the New Year.

18 RICS housing market survey December 2008

North Yorkshire – Yorkshire and Huddersfield – Yorkshire and Humberside Humberside John E Haigh Alex McNeil Lister Haigh Bramleys Lower interest rates are now having an The market continues to be subject to increasing positive effect on confidence. low levels of activity with prices still in decline. Sales of owner occupied West Yorkshire – Yorkshire and property will be difficult as purchasers Humberside will elect to buy deceased estates and David Phillip distressed sales where there is more Dacre Son & Hartley movement on price. Sale levels will Media daily reporting new disasters having remain subdued whilst there remains a most negative effect on everything. a high level of economic uncertainty and job insecurity. West Yorkshire – Yorkshire and Humberside North Yorkshire – Yorkshire and David Pank Humberside Manning Srainton Malcolm Parker Price seems to be the key. We some areas Joplings Estate Agents of Leeds which have seen the highest price The properties are selling at bottom falls see activity starting again as the prices to investors who in most cases properties are more attractive to first time have cash available. This trend is likely buyers and investors. Unfortunately , for to continue. First time buyers are not areas which have not acknowledged that entering the market. their property values have fallen sales are slow as upward movers cannot afford Cheshire – Yorkshire and Humberside them having accepted a lower price for Ian Macklin theirs. We are in a period of readjustment Ian Macklin & Company and halfway through. Transaction levels There was an increase in activity in will start to rise 2nd quarter 2010. the early part of the month but as expected nearer to Christmas North Yorkshire – Yorkshire and enquiries were even fewer. Finance is Humberside still a major issue, especially for first J W G Cameron time buyers with much larger deposits Stanton Mortimer Limited required. Confidence remains at a Purchasers remain cautious with the low. prospect of an uncertain year ahead, especially with further predictions that East Yorkshire – Yorkshire and prices are to fall another 15%. Humberside N M Atkin North Yorkshire – Yorkshire and Ullyott & Butler Humberside Time of year combining with bad David Copley economic climate. Beadnall Copley Reduced prices are now encouraging East Yorkshire – Yorkshire and purchasers back into the market. If Humberside mortgage availability increases then the Richard J Graves first time buyer may no longer be an D. Dunk, Lewis & Graves endangered species. With sales down 90% over the past 4 months compared with last year can it North Yorkshire – Yorkshire and get any worse? Probably! The Humberside Government should suspend Stamp S G Archer Duty, abolish HIPs and get the Banks Verity Frearson lending again to First Time Buyers. Sales have continued during December but Without some drastic action we're all buyers are hunting out the bargains. doomed!

North Yorkshire – Yorkshire and Humberside Edward Waterson Carter Jones Seasonal factors have combined with the general market to make December a quiet month.

RICS housing market survey December 2008 19

B D'Arcy Clark Jonathan Slater Dafydd Hardy Contributor details Savills Foster Slater Central Dafydd Hardy Y Knightsbridge ‐ 0207 824 London ‐ 0208 341 4146 Gwerthwyr 9025 Ynys Mon ‐ 0124 872 East Anglia Andrew Granger FRICS Martin Pendered Justin Knight 3322 A E Bromley‐Martin Andrew Granger & Co Martin Pendered & Co Benson Beard Bective Leslie Marsh Strutt & Parker Leicestershire ‐ 0185 843 Northamptonshire ‐ 0193 Bective Leslie Marsh Brook Green ‐ 0207 603 Dan Maddison MRICS Essex ‐ 0124 525 4606 1315 322 8822 London ‐ 0207 589 6677 5181 Foster Maddison Property Consultants Andrew Wagstaff Charles Ball Neil Hunt Charles Puxley Keith Barnfield Northumberland ‐ 0143 Bedfords Bury and Hilton Wilkins Vardy Jackson‐Stops & Staff Barnfields 460 7711 Norfolk ‐ 0132 873 0500 Derbyshire ‐ 0153 838 London ‐ 0207 581 5881 Middlesex ‐ 0208 363 3344 Derbyshire ‐ 0124 627 3394 Edward Green Christophor Philpot 0123 Christian Lock‐Necrews Jackson Green & Preston Lacy Scott & Knight Chris Charlton Peter Mills Knight Frank Kevin Ryan Lincolnshire ‐ 0147 231 Suffolk ‐ 0144 961 2384 Savills Humberts London ‐ 0207 647 6606 Carter Jonas LLP 1113 Nottinghamshire ‐ 0115 Lincs ‐ Westminster (Mayfair) ‐ David Burr 934 8020 Clive Evans 0207 493 0676 Edward Watson FRICS David Burr Peter Mountain Chesterton Edward Watson Suffolk ‐ 0178 788 3144 Christopher Shallice Peter Mountain London ‐ 0207 836 2888 Luke Pender‐Cudlip Associates Hix & Son Lincolnshire ‐ 01507 Knight Frank Tyne and Wear ‐ 0191 281 David Potter Lincolnshire ‐ 0140 642 603366 David Boyden London ‐ 0208 682 7777 2444 Potter & Co 2777 Boydens Norwich ‐ 0160 362 7201 Philip Barnatt Essex ‐ 0120 676 2244 Mark Everett John Armstrong David Hawke Mundy & Co Michael Everett & co Armstrongs Estate Agents David Richardson David Hawke & Co Lincolnshire ‐ 0152 251 David Parish Surrey ‐ 0137 227 3448 Durham ‐ 013 886 6115 Arnolds Nottinghamshire ‐ 0190 0044 Gates Parish & Co Norfolk ‐ 0160 321 6801 953 1450 Essex ‐ 0170 825 0033 Mark Thompson Keith Johnson Quentin A Jackson‐Stops Jackson‐Stops and Staff J W Wood David Sherwood David Johnson Jackson‐Stops & Staff Dick Ford Middlesex ‐ 0208 943 Durham ‐ 0191 386 9921 Fenn Wright Readings Hope & Mann Northampton ‐ 0160 463 Knight Frank 9777 Essex ‐ 0120 676 3388 LLP 2991 London ‐ 0207 861 5020 Michael Fisher Leicestershire ‐ 0116 254 Martin Seymour Fisher & Wrathall Jeffrey Hazel 4699 R L Bell Dominic Pasqua Crow Watkin Lancashire ‐ 0152 468 Geoffrey Collings and Co Robert Bell and Company Knight Frank Surrey ‐ 0173 724 5886 8222 Norfolk ‐ 0155 377 4135 Edward Wreglesworth Lincs ‐ 0150 752 2222 London ‐ 0208 946 0026 Escritt Barrell Golding Mike Howson Neil Foster MRICS John Pocock Lincolnshire ‐ 0152 930 Stephen Gadsby Esq Donna Swyers Ibbett Mosely Foster Maddison Property Pocock and Shaw 2271 Gadsby Orridge Knight Frank Kent ‐ 0173 277 0588 Consultants Cambridge ‐ 0122 3322552 Derbyshire ‐ 0133 229 London ‐ 0207 715 9457 Tyne & Wear ‐ 0191 222 Giles Birt 6007 Robert Green 1066 Neville Blackwell Charles Birt & Co Edward Rook John D Wood & Co. Collingwoods Pembrokshire ‐ 0183 484 Stephen Jeffery Knight Frank Chelsea ‐ 0207 352 1484 Pail Airey Cambridgeshire ‐ 0135 465 2204 Jeffery Jones Partnership London ‐ 0173 274 4477 Paul Airey Chartered 2488 Derbyshire ‐ 0133 220 Stephen Whitley Surveyors Graham Freckelton 0388 Gary French R Whitley & Co Tyne & Wear ‐ 0191 514 Nicholas Rudge Freckeltons Friend & Falcke Middlesex ‐ 0189 544 5777 Durrants Leicestershire ‐ 0150 921 Stephen King London ‐ 0207 225 0380 2711 Suffolk ‐ 0150 271 2122 4564 King West Tony How Richard Bannister Leicestershire ‐ 0185 843 Grant Alexson Davis Brown Bannister & Company Peter Mockett Ian J Shaw 5970 Knight Frank London ‐ 0207 6371066 Suffolk ‐ 0139 428 2828 Hilbery Chaplin Escritt Barrell Golding London ‐ 0207 317 7950 Essex ‐ 0170 873 2732 Lincs ‐ 0147 659 0211 William Downing James Gubbins North Richard Sayer Pygott and Crone Dauntons AJF Bruce Rook Matthews Sayer Simon Hickling John R Chappell MRICS Lincs ‐ 0152 2536777 Pimlico/Westminster ‐ Edwin Thompson Northumberland ‐ 0166 Maxey & Son Chappell & Co Surveyors 0207 834 8000 Northumberland ‐ 0128 551 0044 Norfolk ‐ 0155 376 7276 Limited London 930 4432 Lincolnshire ‐ 0175 Alastair Mason James Perris Robert House Stuart Clarke 4769673 Bunch & Duke De Villiers Surveyors Bill McCann Kavanaghs Clarke and Simpson Hackney ‐ 0208 986 3521 Central London ‐ 020 Bill McCann Estate Wiltshire ‐ 0122 570 6860 Suffolk ‐ 0172 872 4200 Jonathon Toon 7887 6009 Agency Co Paul Clements Shelton & Alun Jones Antrim ‐ 0289 266 6222 Roger Windass Tim Fagan Company Marler and Marler James Wilson Rickard Chartered Strutt & Parker Nottinghamshire ‐ 0115 Kensington and Chelsea ‐ W A Ellis Christopher Blotsos Surveyors Suffolk ‐ 0147 321 4841 973 5229 0207 235 9641 London ‐ 0207 5817 654 Henry H Blotsoe Tyne & Wear ‐ 0191 252 Louis Rigby Kettering ‐ 0183 273 2241 2920 Tom Goodley J.B & B Leach Anthony Jamleson Jeremy Leaf Strutt & Parker Merseyside ‐ 0174 422 Clarke Gammon Wellers Jeremy Leaf & Co D E Baker Sam Gibson Norfolk ‐ 0160 361 7431 8166 Surrey ‐ 0148 388 0900 Barnet ‐ 020 8446 4295 David Baker & Company Strutt and Parker Vale of Giamorgan ‐ 0292 Northumberland ‐ 0167 East Midlands Mark Newton Arwel Griffith John King 070 2622 051 6123 Alan Foster Newton Fallowell Robert Sterling Quinton Scott WT Parker Lincolnshire ‐ 0147 658 London ‐ 0137 185 0541 Surrey ‐ 0208 971 6780 Stuart Allan Derbyshire ‐ 0124 623 2156 4185 Broadley & Coulson Durham ‐ 0138 860 2656

20 RICS housing market survey December 2008

T H Brannen Harold Montgomery Matthew Munro John Frost Ben Marshall Peter Symons Brannen & Partners Montgomery Finlay & Co. Knight Frank The Frost Partnership Woolley & Wallis Stags Tyne & Wear ‐ 0191 251 Co Fermanagh ‐ 0286 632 Edinburgh ‐ 0131 222 Buckinghamshire ‐ 0149 Dorset ‐ 0174 785 2242 South Devon ‐ 0180 386 7878 4485 9608 468 0909 5454 Paul Taylor Christopher Harding North West N M Maneely J & E Shepherd John Porter Dreweatt Neate Ray Saunders Andrew Morgan Maneely & Co. Scotland ‐ 0138 220 0454 Chacellors Wiltshire ‐ 0124 970 6000 Webbers Property Services Morgan & Davies Co Tyrone ‐ 0288 774 7300 South East ‐ 0149 184 Devon ‐ 0127137 8500 Caredigton ‐ 0157 042 South East 2400 D G Maskell 3623 Philip Tweedie Andrew Harwood Jefferys Rob Wightman Philip Tweedie Knight Frank Kevin Rolfe Cornwall ‐ 0120 887 2245 Knight Frank Brian Jackson Coleraine ‐ 0287 034 4433 Kent ‐ 0189 277 2946 Aitchisons Berkshire ‐ 0148 868 2726 Ellis & Sons Hertfordshire ‐ 0144 287 David J Dark FRICS Merseyside ‐ 0170 453 Tom McClelland Andrew Rome 5509 Seldons Roger Punch 4171 McClelland Salter Knight Frank Devon ‐ 0123 747 7997 Stags County Antrim ‐ 0289 267 Hampshire ‐ 0196 285 Mark Eshelby Devon ‐ 0175 222 3933 David Benjamin 4121 0333 Latchmere Properties Ltd Emma Bishop Matthews Benjamin C Dorking ‐ Surrey ‐ 0130 Strutt & Parker Sandy Davenport Cumbria ‐ 0153 943 2220 Scotland Bryan Elphick 687 6006 Gloucestershire ‐ 0160 Knight Frank A H Perriam Elphick Estate Agents 865 0502 Devon ‐ 0139 242 3111 J R Taylor Rettie & Co Ltd Surrey ‐ 0137 227 2321 Mark Potter John Taylor & Company Edinburgh ‐ 0131 624 9040 Knight Frank Gary A Lawrence Stephan Whitley Cumbria ‐ 0122 854 1453 Chris Moorhouse Basingstoke ‐ 0125 635 Charles Lear & Company R Whitley & Co Alaisdair Seaton Knight Frank 0600 Gloucestershire ‐ 0124 Middlesex ‐ 0189 544 2711 J Waddingham D M Hall Hertfordshire ‐ 0144 286 222 2722 Garside Waddingham Scotland ‐ 0138 362 1262 1610 Michael Pollard Stephen Froy Lancashire ‐ 0177 220 Alexander Inglis Pollards J G Waterton Elder & Froy West 1117 John Sales Chartered Damian Gray Kent ‐ 0132 255 9990 Strutt & Parker Dorset ‐ 0130 886 2606 Surveyors Knight Frank Wiltshire ‐ 0172 234 4011 John Halman Scotland ‐ 0189 675 4842 Oxfordshire ‐ 0186 579 Nicholas Brown Stephen Morris Gascoigne Halman 0077 Knight Frank J M Buthcer Davies & Way Cheshire ‐ 0162 554 0044 Brian Devine South East ‐ 0149 184 H W White Bath & North East John Robinson Graham+Sibbald David Nesbitt 4900 Wiltshire ‐ 0172 233 6422 Somerset ‐ 0117 986 3681 Whittaker & Biggs Stirling ‐ 0178 646 3111 D M Nesbit & Co Cheshire ‐ 0126 027 4224 Hampshire ‐ 0239 286 Peter Fearn Joe Hiram Timothy Garratt Chris Highton 4321 Keats Fearn Hamiltons Chartered Rendells Jonathan Clayton Allied Surveyors Surrey ‐ 0125 271 8018 Surveyors Devon ‐ 0164 743 2277 Bentley Higgs & Co Scottish Borders ‐ 0175 072 David Oswick frics Gloucester ‐ 0145 233 Lancashire ‐ 0125 330 4170 David Oswick Peter Haynes 1134 William H Gater 2928 Essex ‐ 0178 7477 559 Trenchard Arlidge Waycotts Gordon Macdonald Surrey ‐ 0193 285 7395 John Cowley Devon ‐ 0180 340 3080 Jonathan Major Allied Surveyors David Parry Crisp Cowley Strutt and Parker Aberdeen ‐ 0122 457 1163 Cluttons Llp Peter T Foster Bath, Somerset ‐ 0122 William Morrison Cheshire/North Wales ‐ Kent ‐ 0162 260 7403 Porter Glenny 578 9333 Knight Frank 0124 435 4851 Grant Robertson Essex ‐ 0137 537 4444 Devon ‐ 0139 242 3111 Allied Surveyors David Robinson Julian Bunkall M G Fell Scotland ‐ 0141 330 9950 Karrison Philip Hiatt Jackson‐Stops & Staff Wales T H Woodhouse & Co. Kent ‐ 0195 956 3888 Halifax Estate Agents Dorset ‐ 0130 526 2123 Andrew Holmes Merseyside ‐ 0151 608 Iain Lewis West Sussex ‐ 0134 232 Carter Jones 9776 Torranco Partnership David Smith 1142 Kaith Metcalfe Cumbria ‐ 0153 981 4908 Scotland ‐ 0147 861 2659 Dreweatt Neate Metcalfe's Richard Powell Hampshire ‐ 0126 434 R.A.Sumner Torquay, Devon ‐ 0180 Beverley Morgan Ryder & Dutton James Denne 2342 Sumner Pridham 329 8481 Beverley Morgan & Co Lancashire ‐ 0161 925 Knight Frank Kent ‐ 0189 251 6615 Torfeen ‐ 0163 387 2343 3232 Lauder ‐ 0157 872 2814 Geoffrey Holden Kelvin Francis Parsons Son & Basley Richard Athow Kelvin Francis & Co David James Simon Miller James McIntyre Sussex ‐ 012 7332 6171 Philip A Chapman Glamorgan ‐ 0292 076 James Dean Millers Estate Agents J & E Shepherd Kent ‐ 0130 326 4846 6538 Powys ‐ 018 7462 4757 Lancashire ‐ 0194 2606 Scotland ‐ 0173 863 8188 George Burnand 177 Strutt & Parker Richard Meeson Mark Annett David K Jones FRICS Kevin Angus Berkshire ‐ 0163 552 Dreweatt Neate Mark Annett & Company Jones and Redfearn William Legget J & E Shepherd 1707 Hampshire ‐ 0196 284 Gloucestershire ‐ 0138 Rhyl ‐ 0174 535 1111 Denton Clark & Co. Scotland ‐ 0122 420 2800 2742 684 1622 Cheshire ‐ 0124 440 9660 Ian Hunt David Martin Lindsay Duguid Connells Estate Agents W J Hartnell Simon Mark Lewis Newland Rennie Wilkins Northern Ireland McNeil Maguire & Buckinghamshire ‐ 0190 Matthews & Co Symonds & Sampson Cwmbran ‐ 0163 386 8341 Aidan Conway McCreath 867 4141 Essex ‐ 0127 735 5255 Dorset ‐ 0125 847 2244 P Andrews Scotland ‐ 0131 226 6518 David W Pearse Londonderry ‐ 0287126 James Heron South West Matthew Higgs David W Pearse & Co 3635 Malcolm Taylor Knight Frank Alastair Martin Michelmore Hughes Flintshire ‐ 0135 270 0274 Bell Ingram Ltd Ascot ‐ 0134 462 4732 Dreweatt Neate Devon ‐ 0180 386 2002 Bronagh Boyd Forfar, Angus ‐ 0130 746 Somerset ‐ 0174 967 7667 Douglas Farmer Digney Boyd Ltd 2516 John C R Husband Paul Morris Penrith Farmer & Kidd's PLC Co Down ‐ 0283 083 3233 Humberts Bill Jackson Extate Agents Penrith, Cumbria ‐ 0176 886 East Sussex ‐ 0127 384 Hertfordshire ‐ 0143 234 2135 3750 4779 RICS housing market survey December 2008 21

Lestyn Leyshon Edward Gallimore David Phillip Raymond Smith Lloyd Herbert & Jones Edward Gallimore Dacre Son & Hartley Watsons Residential Ceredigion ‐ 0197 061 Worcestershire ‐ 0158 481 West Yorkshire ‐ 0194 Norfolk ‐ 0160 322 6500 2559 0436 385 5605 Richard J Graves John Nicholas Jeremy Dell Edward Waterson D. Dunk, Lewis & Graves J J Morris J J Dell & Company Carter Jones East Yorkshire ‐ 0126 267 Pembrokeshire ‐ 0143 Shropshire ‐ 0169 165 3437 North Yorkshire ‐ 0190 2576 776 0440 455 8200 John Andrews S G Archer Julian Dyer Doolittle & Dalley Francis Brown Verity Frearson Julian Dyer & Co Worcestershire ‐ 0156 282 Norman F Brown North Yorkshire ‐ 0142 Gwent ‐ 0187 385 5551 1600 North Yorkshire ‐ 0174 356 2531 882 2473 Mike Lawley M J Quantrills Stephen Edwards Cooke and Arkwright Quantrills Ian Macklin Cundalls Cardiff ‐ 0292 034 6346 West Midlands ‐ 0121 354 Ian Macklin & Company North Yorkshire ‐ 0165 9229 Cheshire ‐ 0161 980 8011 369 7820 Norman Russell Russell Brothers Mark Wiggin Ian Martin Tom Robinson County Down ‐ 0289 181 Strutt and Parker Briggs Dacre Son & Harley Knight Frank 2145 Shropshire ‐ 0174 328 4200 West Yorkshire ‐ 0194 Harrogate ‐ 0142 353 360 0655 5372 Paul Lucas John H Ozwell R K Lucas & Son Hunters J W G Cameron Pembrokeshire ‐ 0143 West Midlands ‐ 0156 477 Stanton Mortimer 776 2538 1000 Limited North Yorkshire ‐ 0160 Peter Hayward Stuart Swash 977 3004 Hayward Tod Associates K. Stuart Swash Carlisle, Cumbria ‐ 0122 West Midlands ‐ 0190 271 Jason Barnsdale 881 0300 0626 Barnsdale & Son South Yorkshire ‐ 0130 R R Williams Sue Brotheridge 232 3453 McCartneys Connells Estate Agents John E Haigh Powys ‐ 0149 782 0778 Worcestershire ‐ 0156 268 Lister Haigh North 2140 Yorkshire ‐ 0142 386 West Midlands 0322 Adrian Powell Thomas Follwell A.Victor Powell Follwells Ltd Ken Pritchard Worcs ‐ 0152 783 2222 Staffordshire ‐ 0178 261 Brown & Co. North 5530 Lincolnshire ‐ 0165 265 Andrew Grant 4833 Andrew Grant Tim Pook West Midlands ‐ 0190 Cooper Green Malcolm Parker 524 4777 Shropshire ‐ 0174 327 6666 Joplings Estate Agents North Yorkshire ‐ 0184 Andrew Oulsnam Yorkshire & Humberside 552 2680 Robert Oulsnam M J Hunter Company Birmingham ‐ Grice & Hunter N M Atkin 0121 445 3311 South Yorkshire ‐ 0130 236 Ullyott & Butler 0141 East Yorkshire ‐ 0137 725 Andrew R Perrin 3456 Fraser Wood Alex McNeil Walsall ‐ 0192 262 7686 Bramleys Neil Fosters Huddersfield ‐ 0148 453 Foster Maddison B MacIntyre 0361 Property Consultants Macintyers ltd Tyne & Wear ‐ 0191 222 Northants ‐ 0128 070 B J Hudson 1066 1001 Hudson Moody Yorkshire ‐ 0190 465 0650 Nigel Naish FRICS Brian Holt Naish Estate Agents & Brian Holt Chartered Colin Bowden Solicitors Surveyors Dickinson Bowden York ‐ 0190 465 3564 Coventry ‐ 0247 671 2777 Dorset ‐ 0130 525 0402 Peter Home David Mark Loyd David Copley Beadnall Merryweathers Morris Marshal & Poole Copley North South Yorkshire ‐ 0130 Powys ‐ 0168 662 6160 Yorks ‐ 0142 350 3500 236 6828

Dean Lomas David Pank Peter Mawer John Earle & Son Manning Srainton Cranswick Warwickshire ‐ 0156 479 West Yorkshire ‐ 0771 255 East Yorkshire ‐ 0126 267 4343 5438 2110

22 RICS housing market survey December 2008

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For general information about the residential property This survey of the Housing Market was conducted in market, contact the RICS Library information service on conjunction with YouGov, a leading online research FAX : 020 7334 3784, or the RICS Residential Faculty on company. 299 surveyor offices responded to the 020 7695 1653. questionnaire conducted between 15/12/2008 and 02/01/2009. This survey was run in accordance with For information on the Scottish residential property market MRS guidelines. YouGov have been appointed to conduct contact Sarah Speirs at RICS in Scotland, on tel 0131 225 the majority of RICS surveys from December 2008. 7078. For information on the Northern Ireland residential property market contact Tom McClelland at RICS in Northern Ireland on tel 028 92674121 or 028 90825279.

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