RICS Housing Market Survey United Kingdom Housing Market Activity Still Weak with Few Signs of Improvement

RICS Economics RICS UK ( press office ) RICS housing market survey August 2008 1 T +44 ( 0 ) 20 7695 1682 August 2008 [email protected] RICS housing market survey United Kingdom Housing market activity still weak with few signs of improvement

• Further modest improvement in net price balance in August Price changes in England and Wales but most other indicators show more negative trend. % balance of surveyors • Completed sales per surveyor hits new low, the sales to 100 stock ratio continues to fall and the modest rebound in new buyer enquiries stalls 75 • New instructions remain in negative territory in the absence of distress sales 50

25 The RICS housing market survey for August continues to paint a generally weak picture with further price declines signalled 0

and activity expected to remain very subdued. -25

The net balance of surveyors reporting falling rather than rising -50 prices actually edged up for the fourth consecutive month -75 although it still remain at an extreme level on any historic analysis; the latest reading of -81 compares with the low point -100 of 94.9 back in April. Interestingly, there is little evidence to 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 suggest that the continuing weakness in the headline price In terms of the outlook, the previous tentative signs of an balance is being driven by new supply coming onto the market. improvement in sentiment appear to have run aground. The The new instructions series remains in negative territory which net balance of surveyors expecting sales to fall further climbed in part reflects the fact that unemployment is still at a from -5 to -8; this is the worst reading since May. Meanwhile, relatively low level limiting the extent of distress selling. the price expectations series also slipped with the net balance of surveyors anticipating more in the way of declines edging On the activity side, the improving trend in both new buyer up to -69. enquiries and newly agreed sales stalled in August with both indicators still firmly entrenched in negative territory. A key Looking at the data from a regional perspective, the headline reason for this is likely to have been the speculation about price series actually continued to improve strongly in London stamp duty reform which raged for much of the month. with the net balance reading standing at -62. Elsewhere the story is less encouraging with Yorkshire and Humberside at Significantly, completed sales per surveyor (over the last three the bottom of the pile with a net price balance of -90. months) continued to fall. It now stands at just 12.7, the lowest Interestingly, the sales per surveyor data, to some extent, reading since the question was first asked in 1978. This figure reflects these price patterns. London, which has enjoyed compares with 24.1 competed sales per surveyor in August last greater price resilience, has the lowest sales with on average year. Meanwhile, inventory levels on surveyor’s books slipped just 9.4 completed over the past three months. Meanwhile, to their lowest point since the end of last year on the back of Yorkshire and Humberside is seeing rather more activity with the lack of new supply. As a result, the closely watched ratio of 17.6 sales per surveyor completed. Scotland is continuing to sales compared to the stock of unsold property on the market – play catch-up with the rest of the country with the net price a well regarded indicator of market slack - fell further dropping balance now at -70; this indicator was still in positive territory to 15.4 from 16.9 in July. Even so, it is still comfortably above as recently as March. the lows of the early 1990’s when it briefly dropped to 11.4.

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------

Mar-08 3 31 66 -63 -79 89 21 Apr-08 1 17 82 -81 -95 86 18 May-08 2 14 84 -83 -92 90 17 Jun-08 1 13 87 -86 -87 84 15 Jul-08 1 10 89 -88 -83 85 14 Aug-08 1 13 86 -86 -81 83 13 * 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 = 285 2 RICS housing market survey August 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 edged up for 100 the fourth consecutive month from 83.1 to 81.0, 80 although it is still very negative. This improvement was reflected throughout six of the ten regions in England 60 and Wales. The price balance is now strongest in London 40 and weakest in Yorkshire and Humberside. In Scotland 20 the price balance deteriorated sharply, while in Northern Ireland, it improved slightly. 0 -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 property sales for the quarter to August fell 35 to 12.7 per surveyor, from 14.3 in July. On year ago levels, completed property sales are down by 47.4%, compared 30 to 40.5% in the previous month. 25

10 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 surveyors’ books fell by 120 2.3% on the month. This has taken the annual growth 110

rate down to 30.2%, which is well below the high of 100 49.8% in March. Average stocks on surveyors’ books 90 were 82.7 in August, compared with 84.6 in July. 80

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 (over the last three months) 70 compared to the stock of unsold property on the market – an indicator of market slack- fell to 15.4% in August, 60 from 16.9% in July. Market conditions are now the loos- 50

est since February 1993. 40

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

Newly agreed sales / Expected sales Newly agreed sales continued to fall, but the pace of Change in newly agreed sales / Expected change in sales decline stabilised. Falls in newly agreed sales took place % balance, seasonally adjusted, England & Wales only across the board in England and Wales. The sharpest 60 falls took place in the West Midlands while less sharp falls took place in the South West. Sales expectations 40 deteriorated slightly, although they are still stronger than they were several months ago. Confidence in the 20 sales outlook is negative in six out of ten regions in England and Wales. It is strongest in the South East and 0 weakest in the West Midlands.

-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 deteriorated slightly on the month, but it is still markedly higher that the low 70 reached in April. Price expectations are negative across all regions England and Wales. They are weakest in the 45 North and the West Midlands and least weak in East

Anglia. 20

-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 continued to fall and at a marginally fastest pace than in the previous month. 60 However, this is still less than half the pace of decline recorded in April. Falls in enquiries took place across all 40 regions in England and Wales. The sharpest falls took 20 place in the North, while in the South West, only moderate declines took place. 0

-20

-40

-60

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

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

New instructions to sell property fell for the eighth 50 consecutive month, but the pace of decline continued to slow. Instructions are now mildly positive in seven out of 40 the ten regions in England and Wales. However, due to the 30 particularly sharp falls that still took place in the North 20 and the West Midlands, the headline balance is moderately negative overall. 10

-10

-20

-30

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

RICS housing market survey August 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 00001026292015-90

Yorkshire & Humberside000053531244 -95

North West 0000142921296 -86

East Midlands 000052936237 -95

West Midlands 0000163335115 -84

East Anglia 00001324351611-87

South East 0001112039218 -88

South West 0100837311111-90

Wales 0000185514122 -82

London 0022222916236 -70 Scotland 0001262039131 -72

Northern Ireland 0000162436167 -84

* 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 Aug-07 Aug-08 Aug-07 Aug-08 Aug-07 Aug-08 Aug-07 Aug-08 Aug-07 Aug-08

North -3 -86 -20 -33 -40 -85 -18 -66 -17 -36 North Wes t -17 -86 5 -14 -10 -73 -37 -21 -38 6 Yorkshire and Humberside -14 -92 -9 -19 0 -73 -45 -30 1 2 East Midlands -16 -87 -25 -6 -45 -68 -42 -35 -32 -10 West Midlands -34 -76 -8 -40 -32 -84 -76 -41 -46 -39 Eas t A nglia -25 -80 -19 4 -41 -55 -52 -17 -43 10 South East 3 -86 -7 6 -4 -69 -52 -32 -1 1 South West 5 -85 2 3 -5 -65 -11 -3 -8 6 Wales -17 -83 -17 5 -24 -67 -63 -46 -11 -31 London 40 -62 31 -7 9 -64 -8 -27 3 14 Scotland 37 -70 26 7 -12 -59 36 -15 37 0 England and Wales -4 -81 -3 -8 -14 -69 -39 -28 -18 -2 * Seasonally adjusted ** Balance = the percentage of surveyors reporting/expecting a rise, minus those reporting/expecting a fall 6 RICS housing market survey August 2008

North

Nov-07 2 42 56 -54 -44 60 Dec-07 0 54 46 -46 -48 40 Jan-08 0 28 72 -72 -73 Feb-08 8 44 48 -39 -53 20 Mar-08 0 26 74 -74 -80 Apr-08 0 14 86 -86 -100 0 May-08 1 10 89 -88 -87 -20 Jun-08 0 13 87 -87 -86 Jul-08 0 2 98 -98 -91 -40 Aug-08 0 10 90 -90 -86 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

Nov-07 1 39 59 -58 -42 60 Dec-07 0 30 70 -70 -57 40 Jan-08 2 50 48 -45 -56 Feb-08 0 36 64 -64 -79 20 Mar-08 1 37 62 -62 -79 Apr-08 0 24 76 -76 -93 0 May-08 0 10 90 -90 -90 -20 Jun-08 1 8 91 -89 -90 Jul-08 0 4 96 -96 -90 -40 Aug-08 0 5 95 -95 -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 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 August 2008 7

North West

Nov-07 0 45 55 -55 -36 80

Dec-07 0 53 47 -47 -36 60 Jan-08 0 34 66 -66 -48 Feb-08 7 44 49 -41 -58 40 Mar-08 5 41 54 -49 -63 20 Apr-08 0 5 95 -95 -100 May-08 0 10 90 -90 -95 0 Jun-08 0 18 82 -82 -84 -20 Jul-08 0 9 91 -91 -87 Aug-08 0 14 86 -86 -86 -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

-100 -100 1999200020012002200320042005200620072008 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 East 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 100 ------NSA------SA 80 Nov-07 0 25 75 -75 -64 Dec-07 0 43 57 -57 -49 60 Jan-08 3 33 64 -61 -70 Feb-08 0 30 70 -70 -78 40

Mar-08 3 19 78 -75 -89 20 Apr-08 0 16 84 -84 -99 May-08 4 5 90 -86 -94 0 Jun-08 0 9 91 -91 -90 Jul-08 4 2 94 -89 -86 -20

Aug-08 0 5 95 -95 -87 -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

-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 for last 3 months Expected prices for next 3 months 8 RICS housing market survey August 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 Nov-07 3 20 77 -74 -61 Dec-07 5 16 79 -74 -71 40 Jan-08 6 25 69 -62 -61 20 Feb-08 4 31 66 -62 -65

Mar-08 4 21 75 -70 -81 0 Apr-08 4 19 77 -72 -83 May-08 5 18 76 -71 -86 -20 Jun-08 0 9 91 -91 -100 -40 Jul-08 0 7 93 -93 -89 Aug-08 0 16 84 -84 -76 -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

Nov-07 2 27 72 -70 -50 60 Dec-07 0 19 81 -81 -61 40 Jan-08 2 34 64 -62 -64 Feb-08 0 39 61 -61 -74 20 Mar-08 4 23 72 -68 -90 0 Apr-08 0 14 86 -86 -100 May-08 0 9 91 -91 -100 -20

Jun-08 0 6 94 -94 -92 -40 Jul-08 0 11 89 -89 -84 Aug-08 0 13 87 -87 -80 -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

South East

Nov-07 2 36 62 -59 -41 60 Dec-07 0 40 60 -60 -48 Jan-08 1 45 54 -54 -56 40 Feb-08 0 47 53 -53 -65 20 Mar-08 5 26 69 -64 -82

Apr-08 1 22 77 -77 -96 0 May-08 0 8 92 -92 -99 Jun-08 0 11 89 -89 -90 -20 Jul-08 2 12 86 -83 -80 -40 Aug-08 1 11 89 -88 -86

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

Nov-07 3 50 47 -44 -28 60 Dec-07 2 49 49 -46 -33 Jan-08 2 42 56 -54 -52 40 Feb-08 2 41 57 -55 -68 Mar-08 2 36 63 -61 -82 20 Apr-08 3 19 77 -74 -91 0 May-08 4 24 72 -68 -84

Jun-08 1 10 89 -87 -86 -20 Jul-08 1 8 91 -90 -83 Aug-08 1 8 91 -90 -85 -40 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

80 60

60 40

40 20

20 0

0 -20 -20 -40 -40

-60 -60

-80 -80

Wales

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 Nov-07 2 29 69 -66 -44 Dec-07 1 27 71 -70 -56 40 Jan-08 10 41 50 -40 -41 Feb-08 7 37 56 -49 -55 20

Mar-08 3 26 71 -67 -74 0 Apr-08 0 14 86 -86 -95 May-08 5 23 72 -67 -81 -20 Jun-08 6 26 68 -63 -61 -40 Jul-08 1 17 81 -80 -85

Aug-08 0 18 82 -82 -83 -60 Balance figure is NOT the percentage change in prices but an indication -80 of the trend in prices Figures may not sum up to 100% due to rounding errors -100 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

Nov-07 3 67 30 -27 -19 80 Dec-07 0 46 54 -54 -39 60 Jan-08 3 58 39 -36 -39 Feb-08 10 40 50 -40 -60 40 Mar-08 0 42 58 -58 -76 20 Apr-08 0 18 82 -82 -93 May-08 0 25 75 -75 -87 0 Jun-08 3 19 78 -75 -78 -20 Jul-08 0 18 82 -82 -71 Aug-08 4 22 74 -70 -62 -40

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

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 August 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 Nov-07 13 74 12 1 16 60 Dec-07 13 67 19 -6 1

Jan-0889035740 Feb-08 37 51 12 25 10 Mar-08 25 65 9 16 3 20 Apr-08 29 51 20 9 -3 0 May-08 4 70 26 -22 -24

Jun-08 4 59 37 -33 -34 -20 Jul-08 2 37 61 -59 -54 Aug-08 1 26 73 -72 -70 -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 0

-20 -20

-40 -40

-60 -60

-80 -80 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 New instructions New buyer enquiries Prices over last 3 months Expected prices over next 3 months

Chartered surveyor market comments

NORTH Bishop Auckland – Co Durham Durham City – Durham Doncaster – South Yorkshire Carlisle – Cumbria Stuart Allan FRICS Keith Johnson FRICS Mark Hunter MRICS Peter Hayward FRICS Broadley & Coulson J W Wood Grice & Hunter Hayward Tod Associates The uncertainty over stamp duty It is still a very slow market, but August has seen very little meaningful A typical August with many people away has deterred prospective buyers August sales were better than activity. The market has been in decline for or on holiday – compounded by the purchasing decisions and made expected. at least one year and it is now becoming market difficulties and speculations and vendors anxious as regard increasingly evident that much of the uncertainty in the press regarding Stamp timescale for the sale of property. YORKSHIRE AND HUMBERSIDE housing that is currently on the market is Duty and any other help Government Increasing numbers of houses are Northallerton – North Yorkshire priced well beyond what is achievable both could give. being taken in part exchange by J W G Cameron FRICS now and in the foreseeable future. major builders in order that they Stanton Mortimer Limited Alnwick – Northumberland can complete on their housing Although the number of properties York – North Yorkshire Richard Sayer BSc FRICS estates. The lack of a good supply of being sold this month has Edward Waterson BSc FRICS Rook Matthews Sayer mortgages on reasonable terms increased, the number of fall- Carter Jones House prices have not fallen as much as has slowed down the market throughs has also risen, mainly due The second week of August proved the the media speculation would suggest. The considerably. to the speculation over stamp duty busiest of the year in terms of agreed sales. lack of sales volumes is the problem. and lack of buyer confidence This is the result of realistic pricing. There Mortgage supply remains restricted, Berwick-on-Tweed – regarding employment, the markets are buyers there, but not for overpriced particularly for first time buyers, but Northumberland and the economy. property. Many owners are having a lending criteria and mortgage deals are Andrew Bruce Dip VEWM FRICS problem coming to terms with this. now improving. Government dithering Edwin Thompson Richmond – North Yorkshire has worsened a poor situation and the Some activity, but mainly for Francis Brown FRICS Ilkley – West Yorkshire industry has no belief that real individual/unique property. There is Norman F Brown Ian Martin Briggs FRICS government initiatives will improve no interest at all for new build. The market remains poor and there Dacre, Son and Hartley matters in the autumn. Chains continue to breakdown. is a distinct lack of first time buyers. With the large number of would be buyers Prices continue to fall. who are moving into rented Windermere – Cumbria Whitley Bay – Tyne & Wear accommodation rather than buying, there David Benjamin MRICS T H Brannen FRICS will be a substantial pool of ready and able Matthews Benjamin Brannen & Partners purchasers out there as and when There are no signs of any increase in The overall confidence of most confidence returns. enquiries and confidence remains low. clients is low at present. Motivated and realistic sellers still have a reasonable opportunity for sales before the winter. Country houses and cottages are still creating interest. A positive move on stamp duty would be welcomed by all sectors. 12 RICS housing market survey August 2008

Thirsk – North Yorkshire Oldham – Lancashire Leigh – Lancashire Derby – Derbyshire Malcolm Parker MRICS Richard Powell BSc FRICS Simon Miller BSc FRICS Stephen Gadsby BSc FRICS FSVA Joplings Estate Agents Ryder and Dutton Millers Chartered Surveyors and Gadsby Orridge The market has worsened in the last August has shown an Estate Agents Market conditions continue to be rather three months and shows no sign of improvement in activity over the There are no signs of any depressed although new instructions are picking up in the foreseeable future. previous two months which were improvement in buyer confidence. tending to be more realistic on pricing to a Buyers in a position to proceed are awful. But, the numbers of new Enquiries, viewings, offers and sales certain extent. Talk of stamp duty relief is ‘shopping around’ and in many cases instructions, sales agreed and new are all well down on the same resulting in a number of buyers awaiting are picking up properties at very buyer enquiries remain very poor. period last year and before. There the Government’s decision before attractive prices. The new house The biggest problems are the size has been no improvement in committing to purchase. builders are discounting heavily which of the deposits required for first August over July. Speculation over is affecting the second hand market, time buyers to borrow money at stamp duty is only adding to the Derby – Derbyshire especially for modern properties. reasonable rates and the lack of uncertainty. Stephen Jeffrey FRICS confidence caused by media Jeffrey Jones Partnership Wetherby – West Yorkshire reports which lead people to South Lakeland – Cumbria Market activity continues to drop off as we Ken Bird BSc MRICS believe there are no mortgages Andrew Holmes BSc (Hons) Dip Surv get further into the year in terms of sales Renton Parr available and, if there are, they are MRICS agreed, buyer enquiries and new As more vendors reduce asking prices ridiculously expensive. The stamp Carter Jones instructions. Expect this to continue we have seen a slight upturn in activity, duty speculation has not helped It has been one of the most unusual throughout the remainder of 2008. although offers are coming in 10% to either. months I can remember. August is 15% under asking prices. A two tier usually the time of summer Wellingborough – Northamptonshire market is developing. Macclesfield - Cheshire doldrums, however new Martin Pendered FRICS John Robinson FRICS FAAV instructions have been their highest Martin Pendered and Co Driffield – East Yorkshire Whittaker and Biggs number for over a year and buyer The tough market continues, every time N M Aitkin FRICS Lack of 100% mortgages has had a enquiries have been the same. A sales grow, the following month seems to Ullyott & Butler negative impact. Talk of cancelling good level of high quality properties show a corresponding reduction. New The area is currently experiencing a lack stamp duty has potential available has seen an excellent level instructions remain difficult to gain, of job opportunities further impacting purchasers hanging back to see the of activity that will lead to offers especially at realistic prices. There are on the general lack of confidence in the outcome. and sales in the next two or three signs of buyers in a strong position making housing market. Listings are still strong months. If the sun shines, we will very low offers in the hope of a very cheap – further creating imbalance between Preston – Lancashire see even more activity as the purchase, and being unwilling to supply and demand. J Waddingham MRICS amount of rainfall we have seen in negotiate higher. The situation is not Garside Waddinham the last month has just taken the helped by lawyers who, despite the lack of York – Yorkshire Every trend is downwards: edge off some of the properties, work, are so slow that matters drag out B J Hudson MRICS enquiries, sales, properties coming particularly when the major selling unnecessarily. Hudson Moody to the market and, most point is the view. There is slightly more optimism. importantly, confidence. There are Sleaford – Lincolnshire too many uncertainties and the Hale Barns – Cheshire Edward Wreglesworth FRICS Sheffield – South Yorkshire speculation regarding changes in Ian Macklin FRICS Escritt Barrell Golding John Francis FRICS stamp duty, and the useless HIPs Ian Macklin and Company The market is becalmed with the Crapper and Haigh are adding to the already August is traditionally quiet and doldrums seemingly set to continue. In Buyer enquiries are down markedly depressed market. In one year, we this year it certainly has been. There respect of the very limited number of when compared to earlier months, but still only had one request from a was just a glimmer toward the end sales, there is clear evidence of falling it is the holiday period and enquires potential buyer to inspect a HIP!! of the month with a few more prices. traditionally slow down in August. viewing appointments and more Vendors are however still requesting St Helens – Merseyside interest in general. Nottingham – Nottinghamshire valuations. Sales instructions are still Louis Rigby FRICS C C M Charlton Esq. BSc FRICS coming in, which is encouraging as J.B and B. Leach Liverpool – Merseyside Savills vendors are also usually looking to The market seems to have Derek Coats MRICS Stamp duty fiasco. Buyer confidence low. purchase elsewhere. stabilised slightly in terms of sales; The Vonmore Partnership Holiday season. but prices are still falling in some The government statement that it NORTH WEST sectors – especially apartments. may make changes to stamp duty, Chesterfield – Derbyshire Southport – Merseyside We are operating at 50% below without specifying what they would Neil Hunt BSc FRICS Brian Jackson FRICS normal levels of sales and we feel be, or when, introduced uncertainty Wilkins Vardy Ellis and Sons this will continue for the rest of the in the market just when it needed it Just when the market was on it knees, The market is virtually paralysed which year. least. The cost to us was four high along came the holiday season to knock it must effect the wider economy. value sales. to the floor. When we need decisive and Chester – Cheshire inspirational Government action, we get Wilmslow – Cheshire Graham Adnitt FRICS EAST MIDLANDS another fiasco. John Halman FRICS Jackson Stops and Staff Lincoln – Lincolnshire Gascoigne Halman With all the bad news daily in the Philip Barnatt MRICS Market Harborough – Leicestershire The rental market is feverishly active as media, it is no wonder purchasers Munday & Co Rodney Vigne FRICS everybody moves into rentals. When the are reluctant to commit. It is high Although the market remains very Strutt & Parker market improves, most of these tenants time the Government made a tough, vendors are becoming more ‘Best in class’ is still in demand – two deals will be looking to buy with the strong move to squash the stamp realistic, leading to more sales, were agreed at above asking price. consequential increase this will cause in duty speculation one way or which in turn shows that buyers are demand. another. The true fact that should out there if the price is right. Price Holbeach – Lincolnshire be got over by purchasers is that falls in our area are heavier than Christopher Shallice FRICS FAAV Lancaster – Lancashire prices having fallen should not those indicated in the press. The Hix & Son Michael Fisher FRICS deter them, for if they are selling Chancellor’s dithering has There is very little market activity. There Fisher & Wrathall and buying, they can get a better worsened matters, affecting the are a few predatory buyers around looking It has been a tough month. Activity is at bargain this year due to the numbers of sellers and buyers for bargains and repossessions. an all time low, but there is still relativity factor. thinking of moving. business to be done. Tenacity is required!

RICS housing market survey August 2008 13

Market Harborough – Leicestershire Thrapston – Kettering Tenbury Wells – Worcestershire Wolverhampton – West Midlands Stephen King FRICS Christopher Bletsoe FRICS FAAV Edward Gallimore FRICS Stuart Swash FRICS King West Henry H Bletsoe & Son Edward Gallimore K Stuart Swash A normal holiday season with little Over the last week enquiries have There is a market and sellers and Competitively priced properties are activity which increased slightly towards risen and Rightmove enquires are buyers must be sensible. Estate creating positive interest. Vendors who the end of August. starting to come through thick and agents must advise correctly. will not acknowledge current conditions fast. The buyers that are in a experience little interest in their Louth – Lincolnshire position to proceed are looking for Worcester – Worcestershire properties. Peter Mountain FRICS a bargain, but are keen to purchase. Andrew Grant FRICS Peter Mountain First time buyers are non existent Andrew Grant Stourbridge – West Midlands 2008 has been a dreadful year, but as are ‘buy-to-lets’. Clearly this has It is a very challenging market and Jeffrey Gregson FRICS August has added a whole new an impact on the marketplace. We one in which the only transactions Lex Allan & Gregson dimension. The market seems to have are hoping for a positive September to succeed are those where a The holiday season impacted early on completely hit the buffers with very as enquiries are indicating this. seller’s need to sell is matched with with a significant drop in viewings and limited activity throughout. Whether this a hesitant desire to buy – and then applicants; instructions also reduced. is due to dithering over stamp duty or a Worksop – Nottinghamshire cemented by excellent value. Government dithering over stamp duty general lack of confidence is difficult to David Hawke FRICS holidays led to buyers seeking say. David Hawke and Co Walsall – West Midlands clarification and delaying their purchases. No significant change. Andrew Perrin MRICS The acid test will be whether levels of Mansfield – Nottinghamshire Fraser Wood Mayo & Pinson activity increase in September on Ian Sandy FRICS Stamford – Lincolnshire Surprisingly, bearing in mind the traditional lines, or if the current impasse Ian Sandy Charles Paton MRICS volume of sales this year, we have continues. We continue to encourage New instructions are only just up. We King West seen a number of sales agreed in vendors to be competitive in their pricing hope the end of the school holiday period The traditional August holiday lull August, which is traditionally a and buyers not to be reticent in offers. at the beginning of September will has occurred; however, in quiet month. Will this continue, increase enquiry rates on all fronts. comparison with other areas, we although prices of properties are Hereford – Herefordshire are still seeing an active market. still falling? J R A Owens FRICS Leicester – Leicestershire Arkwright Owens David Johnson DipArb FRICS WEST MIDLANDS Barnt Green – Birmingham Job Security – Negative; Petrol Prices – Readings Hope & Mann LLP Solihull – West Midlands Andrew Oulsnam MRICS Negative; Press Speculation – Negative. Prices are still falling – sales in anything John Ozwell FRICS Robert Oulsnam & Co other than the lower price ranges are Hunters The market remains very poor at Kidderminster – Worcestershire difficult to achieve. Few chain Persistent bad reports in the press levels about 2/3 below last year. Neil McAndrew MRICS transactions are completing. concerning house price falls are There has been the slightest Connells Estate Agents having a great impact on the improvement in August with little The ‘my choice home buy scheme’ on Horncastle – Lincolnshire number of sale fall-throughs. Prices reporting from media on the second hand and new properties, has R L Bell BSc FRICS have still not fallen as far as the property market and so much good started to impact on our local market. Robert Bell & Co. media suggests. Sales levels news from the Olympics. This scheme is aimed at not only first We are slowly bumping along the continue at circa 65% down. time buyers, but also key workers, and bottom. Stock is growing steadily – not Burton-on-Trent – Derbyshire can give a maximum of £55,000 towards through a large number of new Bridgnorth – Shropshire John Stevenson MRICS purchasing a property on the open instructions (where HIPs and perceived John Andrews FRICS IRRV John German market. disastrous market are plugging the Doolittle & Dalley With the flat property market deluge) but through severe lack of sales A quiet month with reduced linked with the holiday month of Henley-in-Arden – Warwickshire (40% of last year’s for same period, i.e. a numbers of enquiries and new sale August, business has been non- Dean Lomas 60% drop). Even more serious is the instructions, probably due to the existent. Withdrawals by people John Earle & Son number of agreed sales for last three holiday season. Still, prospective listening to Mr Darling’s promise of Our auction properties seem to sell well, months. These are a net 21% compared buyers are nervous of falling prices a stamp duty holiday in the as they generally are old run down to last year, i.e. 78.5% down). This and low offers are still being made autumn has further dampened properties and in some cases probate or indicates things are going to get worse. even on property where price business. I am not sure that this sold as a result the vendors need to sell. Consequently, we have been forced to reductions were advertised. present Government could run a This has an impact on the asking guide look at our staffing and economies (in raffle. price, making them attractive to the common with many other agents, Bewdley – Worcestershire buying public. Private treaty sales builders, builders merchants etc.). John Andrews FRICS IRRV Hay – On-Wye-Powys however seem to be struggling even more Doolittle & Dalley Ryan Williams FRICS than previously. Northampton – Northamptonshire More property is coming to the McCartneys Adam Farnsworth BSc MRICS FAAV market than in July, although even It has been very slow with buyers Kidderminster – Worcestershire Berrys where realistically priced there is very hesitant. There are still plenty John Andrews FRICS IRRV We deal in the higher end market where little interest from buyers, probably of people who want to move Doolittle & Dalley there is always excess demand over due to holiday season. Many however, and more transactions As the summer holiday season nears an supply. However, buyers, about 40% of properties are now realistically should follow once a new level is end, we are undertaking more pre-sale whom are non-chain related, are frozen priced having regard to current established and the current logjam inspections, although less property is with uncertainty – there is no confidence economic climate, but sales are still unpicked. coming to market due to both seller and in values. The shortage of liquidity and very slow. buyer lack of confidence in the current ambivalence from the political side leave Oswestry – Shropshire economic climate. Some sales are evident one cold. A rudderless ship and no Worcester – Worcestershire Jeremy Dell MRICS FAAV throughout the area, although less than practical understanding of statements A Champion FRICS J J Dell & Company one would expect for this time of the like that on stamp duty. The last quarter Tim Gaston August was a better month for year. This slow market is likely to extend saw a 25% increase in the number of Humbert sales. Vendors are accepting offers into the autumn and possibly beyond. viewings to achieve a sale. However, the It is a very hard market. Buyers are 10% to 15% lower in anticipation of buyers out there are genuine and pulling out for no real reasons. We future falls in the market. Hereford – Herefordshire property marketed to sell is selling. In a are hoping for a bit more activity in Paul Morris FRICS downward market, adjustments to sale the autumn. Many buyers are Bill Jackson Estate Agents prices need to be lower than the present expecting to buy at 20% less than Holidays added to a quiet August. The value in order to catch a sale. The the asking price. market continues its downward trend, anticipated fall would be 20% in this tax albeit vendors are at last being more year. realistic. 14 RICS housing market survey August 2008

EAST ANGLIA Norwich – Norfolk SOUTH EAST Maidenhead – Berkshire Chelmsford – Essex Tom Goodley MRICS Colchester – Essex Edward Robinson MRICS Antony Bromley-Martin BSc (Hons) Strutt & Parker David Sherwood MRICS Robinson MRICS Prices are gradually getting more Fenn Wright The market is in need of some new stock at Strutt & Parker realistic, but there is still a way to August has seen sporadic activity a sensible price. If you have equity in your August is always a quiet month. I feel go. We are selling houses and are throughout the month and home, and want to move, then view this as that the trickle of slightly positive news extremely busy for August. considering it is school holidays a stepping stone – it is a good time to trade filtering through might give us a better some 20 sales agreed for the up. autumn. Felixstowe – Suffolk Colchester office is no mean feat! I Alan Coy FRICS hope the hope the stamp duty Winchester – Hampshire King’s Lynn – Norfolk Bannister & Co. holiday does not come to force as I Robert Green MRICS Simon Hickling MRICS FAAV The market remains slow with the believe this could do more harm John D Wood & Co Maxey & Son volume of sales for July and August than good. The shortage of large family houses with Confidence is low throughout the very low. The number of houses land has seen such properties attracting market, not helped by the continuing coming onto the market is fairly Romford – Essex strong interest – relative to the market. negative press. First-time buyers are static, most being chain free. Hilbury Chaplin These properties are typically 3,000 sq. ft. pretty well nonexistent, which has a However, the number of houses Peter Mockett FRICS with 10+ acres. This is confidence over the knock-on effect. Everyone is available is increasing due to the Negative reports in the media long term. commenting on their surprise that this lack of sales. continue to dampen any recovery in Government does nothing to help the market. Hove – East Sussex restore confidence. Brentwood – Essex Geoffrey Holden FRICS W J Hartnell FRICS Buntingford & Hertford – Parsons Son & Basley Cambridge – Cambridgeshire Simon Matthew & Co Hertfordshire There is too much negative press and lack of John Pocock FRICS The market is very slow at this time Allan Brown MRICS leadership from government. However if Pocock & Shaw of the year. We shall be able to Churchills priced right, properties will still sell. There is little doubt that the major access the full effect on the market The Government needs to abort factor depressing the housing market is of the present economic stalemate HIPs. Hungerford – Berkshire buyers’ lack of confidence when faced in September. If there is some relief Peter Meiklejohn MRICS with predictions of continuing falls in on stamp duty, which is too high Slough – Buckinghamshire Dreweatt Neate value, none of which are justified by the under present market conditions, John Frost MRICS Activity is in a deep trough. When it returns, underlying demand. It is not surprising and if HIPS are cancelled, the The Frost Partnership the turn will probably be drastic. that large numbers of would-be buyers market might start to move again. The continuous negative media are choosing to rent while they wait and coverage is unhelpful. Sellers are Farnham – Surrey see. The only encouraging sign is that, Colchester – Essex now more realistic and responsive Peter Fearn FRICS while they boost the rental demand, David Boyden BSc MRICS to price adjustments. However, the Keats Fearn some of the buy-to-let people are Boydens buyers seemingly choose to ignore Uncertainty over stamp duty is causing returning to the market. Having realigned our property asking prices adjusted for market concern, but overall, August has been a stocks by 15% to 30% on last year’s conditions and expect further better month than July. Norwich – Norfolk asking prices, August has rewarded reductions. David Richardson FRICS us with some bright and well Halstead – Essex Arnolds received sales agreed. Amersham – Buckinghamshire David Oswick FRICS Even good quality listings offered at John Frost MRICS David Oswick sensible prices are proving hard to sell, Norwich – Norfolk The Frost Partnership The general adverse publicity placed upon with lower priced properties attracting Raymond Smith FRICS It has been a very quiet August. We the market has caused a severe lack of professional buy-to-let investors, and Watsons Residential anticipate an increase in business interest which has given a false impression. auction properties appealing to cash One must price keenly and expect in September. When something of unusual interest is buyers. Low activity levels suggest a long to haggle. As always, August is a offered for sale, there is still considerable autumn and winter ahead. quiet month – this year is no Merton – Surrey buyer interest, but this is linked to potential different. Some investors are John King MRICS buyers who have encountered problems in Stowmarket – Suffolk coming back into the market, but Quinton Scott selling their own property, even if it is Christopher Philpot BSc FRICS only if the price is right. As last The traditional summer period has sensibly priced to reflect the market Lacy Scott & Knight month – price is key. taken its toll – very few sales. A conditions. Mortgages are available The expectation is of a quiet late record number of letting providing 7% to 10% deposits are offered. summer and autumn. Moving house is Kings Lynn – Norfolk transactions have enabled our not a priority in many households at the Jeffrey Hazel FRICS FNAEA offices to remain busy. Oxford – Oxfordshire moment. Geoffrey Collings & Co. Robert Green MRICS Uncertainty over stamp duty is Borough of Kingston – Surrey John D Wood & Co Norwich – Norfolk reducing demand. Cost of HIPS is John King MRICS August is a difficult month to gauge as the David Potter FRICS reducing sale instructions. Vendors Quinton Scott holidays season means so many of the Potter & Co when buying realise the market is Land Registry figures confirm a protagonists are away. There was good There seems no prospect of prices depressed, but still expect to total of 497 transactions in the last activity in July, particularly for prime recovering for at least the next couple of achieve the sale price on their own three months (650 last year) in the property which continues to be in demand, years. property. Royal Borough of Kingston. Unless and this is expected to continue in we see a pick-up in September and September. Burnham- Market – Norfolk Kings Lynn – Norfolk October (which we are hoping for) Andrew Wagstaff MRICS Fasial Oshodi BSc (Hons) MRICS the breadline will become crumbs. Bedfords Russen and Turner There have been no significant changes The general trend is as has been Stains – Middlesex in the market over the past month, experienced for most of the year. John Frost MRICS although there has been a slight Speculation about stamp duty and The Frost Partnership increase in the number of enquiries, and other potential possible incentives It has been very quiet with some buyers appear marginally more up- beat. have not helped. Stamp duty relief buyers holding off, waiting for has added to the market’s government incentive on stamp problems. duty.

RICS housing market survey August 2008 15

Gerrards Cross - Buckinghamshire Andover – Hampshire Epsom – Surrey SOUTH WEST John Frost MRICS David Smith BSc MRICS Mark Everett BSc FRICS Exeter – Devon The Frost Partnership Dreweatt Neate Michael Everett & Co Peter Farnsworth FRICS We are seeing probably the lowest levels A difficult market has been made Vendors are still finding it difficult Rendells of confidence for three years in the worse by the Government’s throw to accept the extent of price falls Buyers are holding off purchases to wait property market. Vendors, however, are away remarks about stamp duty. and much overpriced stock is for further possible reductions which in very realistic about price sensitivity and There does need to be a change to clogging the market. Purchasers are turn is putting new instructions off, will agree to deals provided they can buy stamp duty, but not a ‘honeymoon increasingly fickle, the viewing/ because vendors are losing confidence with a suitable discount. In areas where period’. There should be a change sales ratio is over 30 this month, about how much they may achieve. there are significant new homes, there are to the thresholds and percentages exaggerated by government deals which will undercut the second- at which stamp duty is applied. The uncertainty over stamp duty. The Plymouth – Devon hand market. Stamp duty is yet another lack of sales means the market badly needs a kick start and Roger Punch FRICS issue to concern the market, potentially Government also has a reduced confidence boost. Perhaps a stamp Stags fuelling ‘gazundering’ just prior to income from the easiest of duty holiday would help. Confidence is continually denied by exchange of contracts. collectable taxes. This difficult speculation regarding possible future market needs certainty and the Dorking – Surrey price falls and stamp duty charged .Some Portsmouth – Hampshire Government must provide that as Mark Eshellby FRICS buyers and sellers however are taking a David Nesbit FRICS soon as possible. Provide greater Latchmere Properties Ltd more pragmatic approach and are D M Nesbit & Co certainty and, I believe, there will The market remains intermittent, agreeing sales to the extent that we are It has been an exceptionally quiet holiday be more activity in the marketplace but all signs are that it is beginning hopeful of an increased sale rate over the period. Purchasers able to proceed are on and more stamp duty paid to to turn. Present Government late summer and early autumn period. a winner. Asking prices are being government. announcements over stamp duty dismissed with very low offers being have not helped, nor has the so- Salisbury – Wiltshire made, but these form the basis for some Reigate – Surrey called financial crisis. Graham Waterton MRICS negotiation. However, some owners will Martin Seymour BSC FRICS Strutt & Parker not or, due to their circumstances, cannot Crew Watkin Ashstead – Surrey Activity levels are generally low which is accept the lower levels the market has The volume of sales is likely to Bryan Elphick FRICS partly the effect of the August holiday reached. Small builders and investors are remain low until prospective Elphick Estate Agents month. Where properties have to be sold, conspicuous by their absence, however buyers feel that prices are unlikely The occasional sale is being agreed sales are still being arranged – albeit at some are picking up bargains. Every sale is to fall further. Recent rumours and, when realistic quoting prices levels below the guide price. a major achievement – the patient is still about possible stamp duty charges are used, competition can even alive. just add to the uncertainty and break out. However, some good Exeter – Devon lack of confidence. ‘realistic’ properties are not Robin Thomas FRICS Beaconsfield - Buckinghamshire attracting any interest. Bargain Strutt & Parker John Frost MRICS Ashford – Middlesex hunters are out. August has been busier than August 2007 The Frost Partnership John Frost MRICS with a lot of viewings, but offers are still The market has continued to become The Frost Partnership Maidstone – Kent slow in coming forward. Sellers are now tighter with buyers becoming increasingly August has been very similar to David Parry FRICS much more realistic about dropping guide nervous in committing to buying. Vendors July in terms of viewings and sales. Cluttons prices. still have unrealistic views of values and The number of new instructions is There is very little confidence in the many properties are still overpriced. The very low, but it was August after market, and the few agreed sales Swanage – Dorset next quarter will be the telling time in all! are all vulnerable to collapse. The Oliver Miles FRICS respect of whether buyers can commit to outlook appears grim, but Oliver Mills buying and obtain mortgages. Orpington – Kent increasing realism amongst August is traditionally a quiet month due Andrew Miller FRICS vendors may help improve sales to school holidays, but worsened by the Brighton – East Sussex Linay & Shipp rates in the future. housing ‘crisis’ and poor weather. Geoffrey Holden FRICS August has been a very quiet Parsons Son & Basley month. One hopes that now Newbury – Berkshire Bath – Somerset Applicants are making offers 10% to 15% children are about to return to Jonathan Bastable BSc MRICS John Crowley FRICS below asking prices. Vendors serious school, and with any ‘luck’ some Strutt & Parker Crisp Crowley about selling are listening to the lower meaningful help and leadership Normal August malaise, but we August is traditionally a quieter month offers and agreeing sales at say 5% to 10% from our Chancellor and expect activity to increase in and this year was no exception! An early below asking price. Government, we are looking September. decision on stamp duty would greatly forward to a busier autumn. We help a market where there are signs that Tonbridge – Kent feel some purchasers are willing to Burnham - Buckinghamshire price falls may have slowed a little and Mike Hewson BSc FRICS buy now while there are some John Frost MRICS sales are still being achieved given Ibbett Mosely good deals available and do not The Frost Partnership realistic prices. We expected August to be very quiet, but want to wait for prices to rise as One hopes the market may improve it was better than July. Those buyers who property becomes in short supply. in September, however, unless the Yeovil – Somerset were around were motivated and some Sellers do not want to pay for a HIP mortgage supply improves and W J T Edmonds FRCIS sellers are very realistic about price. We if they think their property will not HIPs scrapped, together with taking T R G Lawrence & Sons expect September to continue this trend sell for what they want. Buyers are away the uncertainty over stamp There is virtually no residential market, of modest improvement in deals done. It hoping stamp duty will be duty, where is the incentive for solicitors are dragging their feet on the does seem as if prices are beginning to removed. buyers? few deals that are running and now there stabilise. This is a time of year when both are delays with mortgages offers! sellers and buyers will be making positive Wingham – Kent decisions about their moving plans. Martin Allen MRICS FAAV Chagford – Devon Elgars Timothy Garratt FRICS Windsor - Berkshire August is always a quiet month, Rendells John Frost MRICS but enquiries this year are at an all Prices have now dropped to a level where The Frost Partnership time low! the vendors would rather go to the rental Confidence in the marketplace is low, market; subsequently there is a shortage depressed by the media. Levels of of property to buy in this area. business are very low, even for August.

16 RICS housing market survey August 2008

Keynsham – Bristol Exeter – Devon Honiton – Devon Cardigan – Ceredigion Stephen Morris MRICS IRRV Simon Cooper FRICS FAAV A Luxton FRICS John R Davies MRICS Davies & Way Stags Stags J J Morris August has been a better month for As ever, we are finding that realistic August very quiet typical holiday Congratulations to the Government. A sales than we had predicted. pricing is the key to getting an offer month, but made all the more statement please to clarify if and when and there are buyers willing to difficult by concerns about stamp stamp duty may be relaxed. The Street – Somerset proceed if they perceive a property duty, mortgages in general and the uncertainty is draining away what life there Paul Knight FRICS is on at a level that reflects current wider market. Proceedable was in the market. Some deals are being Paul Knight Chartered Surveyors economic conditions. The applicants and motivated sellers agreed if you can get sensible vendors who Very few buyers are willing to commit, speculation about stamp duty has are setting the tone of the market, realise the cost of moving is the main issue. especially after speculation over certainly made buyers pause for which most sellers refuse to Some will drop £25,000 on their possible stamp duty concessions. What thought, and a number have pulled acknowledge. expectations provided the people they want else can we have to upset an out of purchases while they wait to to buy off will do likewise. increasingly fragile market? see the outcome. Shaftesbury – Dorset Ben Marshall MRICS Lampeter – Ceredigion Bideford – Devon Moreton in Marsh – Wooley & Wallis Andrew Morgan FRICS David Dark FRICS FNAEA Gloucestershire The market is price sensitive and Morgan & Davies Seldon Ward & Nuttall Emma Bishop MRICS suffers from a lack of buyers. The There is a totally deflated scenario across all When buyers feel they are getting good Strutt & Parker credit crunch is still affecting sectors. First time buyers are finding it value, they will then proceed. Seller We have had a typical August with applicant members. Prices have difficult to obtain finance and standing off must have a competitive and realistic lower levels of viewings from the reduced. due to stamp duty uncertainty. We cannot asking price to attract interest. previous month. New stock for see any signs of an upturn for some time to September is disappointing, but we WALES come. Further reductions are thus Dorchester – Dorset hope the lack of new supply will Rhyl – Co Denbighshire anticipated in sales, and thus pricing. Julian Bunkall FRICS help sell the existing stock. David Jones BSc FRICS Jackson Stops & Staff Jones & Redfearn Mold – Flintshire Despite August being a holiday month Chipping Campden – The market is now stagnant. Sales David W Pearse FRICS and the relentless flow of bad news Gloucestershire are being ground out, but it is hard David W Pearse & Co. from the media, we have found more Mark Annett FRICS work. Mortgage finance needs to be Very little activity, sellers are not prepared activity than previous months. A take Mark Annett & Co. made available now. to reduce to levels that might tempt buyers. down? Maybe, but there are still good It is a difficult market and realism Buyers are worried that prices may fall buyers out there and realistically priced on price is essential. Things are not New Town – Powys further and then we have the uncertainty property still sells. as bad as the media would have us David Mark Lloyd BSc Hons FRICS regarding the temporary withdrawal of believe. However, the real danger is Market conditions are worse than stamp duty. What is required is a period of Exeter – Devon lack of confidence and being talked in previous months – there are very calm and stability, with no leaks of what is William Morrison BSc (Hons) MRICS into recession. few genuine buyer enquiries, new going on through our Chancellor’s mind Knight Frank developments in particular are regarding what might seem a vote winning Best in class is still selling, but it is still a Wells – Somerset suffering due to potential buyers’ exercise. buyers’ market with most sales trying to Alastair Martin MRICS lack of confidence and expectations take into account where market will be Dreweatt Neate of further price reductions. Abergavenny – Gwent this time next year. We are receiving more instructions, Julian Dyer FRICS but new applicants are still slow. Chepstow – Monmouthshire Julian Dyer & Co. Wadebridge – Cornwall There is no stock on market – some Nicholas Hill FRICS The following are having a negative impact: Jeffrey Cole MRICS last month have agreed a sale. New Newland Rennie Wilkins The Credit Crunch; speculation over stamp Cole Rayment & White instructions are attracting good The reduced number of new duty; media and press comments. We have seen a slight improvement, interest, but no offers. properties on the market has certainly in sales, but this has followed resulted in fewer sales. Purchasers Bridgend – Wales vendors becoming more realistic with Moreton in Marsh – Wiltshire are concerned that prices are still John Caines FRICS their asking prices. Some substantial Matthew Harvey BSc MRICS falling and at having to negotiate Payton Jewell Caines price reductions have created more Humberts considerably on their own There appeared to be a little more interest interest giving other vendors confidence Some degree of desire to move is properties – any offers submitted in the market through August, which is to agree deals that they would not have returning and the level of enquiries are generally much lower than surprising given the holiday period. The done a couple of months ago. for August show a degree of asking prices and many vendors are Government has not helped once again. optimum for September and still reluctant to negotiate. Torquay – Devon October. Torfeen – Wales Keith Metcalfe FRICS Cardiff – South Glamorgan E B Morgan FRICS Metcalfe’s Salisbury – Wiltshire Kevin Francis FRICS Beverley Morgan & Co. We have noticed a few more buyers in a J M Butcher MRICS Kevin Francis & Co There is complete lack of confidence with position to proceed and small bursts of H W White Vendors are being realistic about regard to prospective purchasers, and hence activity. However, there is a reluctance As we are all finding turnover down the asking prices that are being set reluctance of owners to offer their premises to pay close attention to asking prices by 50% to 60%, times are hard. I and are being more flexible in for sale, having in mind that they will not with continuing pressure on sale prices. believe the market will readjust by accepting offers. Most offerors are sell and the financial cost of HIPS. A more 30% from last year’s. It seems to be also now more realistic in the offers positive action has got to be taken, with Shaftsbury – Dorset happening quickly and it will be a they are submitting. Some vendors particular regard to stamp duty. The James Wilson MRICS lonely winter for agents! are becoming landlords in the short Government is hesitating on whether to Jackson Stops & Staff term, in the hope of obtaining agree to a stamp duty holiday, although, Negative press comment continues to Salisbury – Wiltshire higher sales prices in future when more realistically, a reduction in the stamp undermine confidence. Transactions are David McKillop BSc FRICS the market recovers. However, duty level would be more beneficial – taking longer than before to reach McKillop & Gregory doubt about the situation on stamp perhaps a more sliding scale of stamp duty exchange, despite transactional levels We had a good start to the month duty does require clarity. The rather than the current calculations. declining by half. with sales and instructions holding Chancellor should be decisive as to up well. The last 10 days however whether there will be a stamp duty have been very quiet with low holiday or not. The uncertainty is activity levels. We are getting encouraging buyers to hold back to offers, but most of them are below ‘wait and see’. asking prices – 25% in some cases.

RICS housing market survey August 2008 17

Llangefni – Ynys Mon Fulham Barnes Hyde Park Dafydd Hardy MRICS Robert Green MRICS Gary French BSc Dip FRICS Richard Cotton BSc FRICS Dafydd Hardy Y Gwerthwyr Tai John D Wood & Co Friend & Falcke Cluttons Viewers are still out there, but buyers are July and August have been much We have a lot of city clients. The market continues to be depressed not committing themselves to offers due quieter than previous months, but Currently they do not wish to use with continuous bad news from banks, to harder lending policy and the rising that is very normal for Fulham their bonuses that are locked up in the economy and general media mortgage interest rates. We are still busy which is a seasonal market. We do shares or dollars. They also think comment. We are experiencing very low taking on new instructions. expect the market to pick up in prices may fall and they are volumes of sales whilst the lettings September when the majority of concentrating on keeping their market continues to be very buoyant. LONDON buyers are back from holiday. jobs. First time buyers cannot Where is the market going? – down, but Brooke Green afford the deposits they now need. now much more work creates total lack of Justin Knight MRICS Mayfair - Westminster commitment to purchase! The top end of Bective Leslie Marsh Kevin Ryan FRICS Battersea the market, with overseas buyers, is busier Finally, in W14,W6 and W12, vendors Carter Jones Robert Green MRICS than the rest. have become realistic and accepted the Apart from the top end of the John D Wood & Co fact that 2% to 5% has come off the value market, where there is still activity, August has been a slow month in Chelsea of flats and 15% to 20% off 3 to 6 bed albeit reduced, everything is at a Battersea, but this is a seasonal Charles Puxley houses. As a result, we are taking standstill. The market is trend that we are used to. Jackson Stops & Staff numerous low offers and, where good traditionally quiet in August, but Uncertainty over stamp duty has There is very little activity in Chelsea and properties (those in sound order) are the signs are that the usual affected buyer confidence, and we buyers are all saying ‘why now’? There is concerned, sales are being agreed. We are autumn upsurge will not happen are aware of sales that have fallen not an easy answer. Those who really much more hopeful – in better spirits this year. through as a direct consequence of need to sell in SW3 – and these are rare – than we have been for over a year. this. Instructions continue to are having to get used to the idea that a Finchley increase, and there are indicators sales price of at least 10% below Kensington Jeremy Leaf BSc FRICS that buyers are looking to return to comparable properties might be Robert Green MRICS Jeremy Leaf & Co the market this autumn, well aware successful. HIPs and rumours of a stamp John D Wood & Co August represented a month of that most sellers are serious, and duty holiday just add to the general August is seasonally a quiet month and steady progress for us in terms of that property is available at malaise. this year has been no exception, however, new buyer enquiries and viewings, attractive prices. Buyers tend to be in the last week I have seen a good coupled with a reduction in those that are experienced in the Covent Garden number of new enquiries from applicants abortive sales and a continuing property market and its trends, as Clive Evans FRICS registering to buy, mainly in the £500k - shortage of new instructions, well as those that failed to find a Chesterton £1.5m range, which is a positive sign. One although the volume of new property in last year’s fast moving The sales market remains becalmed with hopes this is an indication of confidence business remained low. As a result, market. the Government’s dithering over possible in the market that will help prices to we believe we are at, or stamp duty concessions adding to the stabilize. approaching, the ‘bottom of the Enfield paralysis. It is difficult to measure price cycle’ and a more serious market Keith Barnfield FRICS movement as so few transactions are Wimbledon ‘correction’ is unlikely. First-time Barnfields being effected, whilst buyer sentiment John King MRICS buyers and investors, providing of An already small turnover has been remains cautious. Quinton Scott course they can obtain mortgage further reduced by speculation over Media coverage continues to focus on finance, are returning cautiously, stamp duty. Belgravia stamp duty and falling house prices. With encouraged by more realistic Richard Cotton BSc FRICS very few sale transactions, it is difficult to selling prices and rising rents. Clapham Cluttons confirm this fall as a fact in this part of Gary French BSc Dip FRICS The seasonal lull in August has been very London. A ‘black market register’ is Chelsea Friend & Falcke noticeable with enquiries well down. developing – vendors are not putting their Robert Green MRICS Positive: prices are at an acceptable houses on the market, but letting it be John D Wood & Co level. Negative: stamp duty, lenders Kensington known that they will sell if they receive an Quality property continues to enjoy and the economy. Kim Turner acceptable offer. This is occurring largely good demand in Chelsea, and Bective Leslie Marsh at the top end of the market. many buyers are returning to the Kensington & Chelsea Negative press reports continue to reduce Chelsea market to take advantage Richard Cotton BSc FRICS buyers’ confidence. Prime-located Central London of better value. We have seen an Cluttons properties are still creating interest Nicholas Butterworth BSc MRICS increase in demand for family It is the seasonal summer lull. among buyers and generate a steady flow Jackson Stops & Staff homes between £2 million and £5 August is very quiet. Otherwise, the of enquiries. The majority of actively- Activity is depressed because of buyers’ million, which was previously more same problems of finance and seeking buyers are worried that the concern about falling values, but sales are difficult, with healthy terms agreed confidence are very evident, but market may fall further and hence are continuing where vendors price during August. The number of vendors are starting to listen. under no time pressure to commit to a realistically. offers received is also increasing, purchase. There are still a significant causing us to be cautiously Central London number of serious buyers, they are only North West London optimistic for all levels of the Gary French BSc FRICS unsure on their timing to get the right Robert Green MRICS market in Chelsea. Friend & Falcke price. The main questions we hear are: John D Wood & Co The month of August means that “When do you think the market will turn?” The lack of quality stock coming to the West Drayton very few buyers are around in and “When do you think the market will market is deterring applicants from Stephen Whitley FRICS Kensington and Chelsea. We will hit rock bottom?” committing. Instead, they are waiting to R Whitley & Co be able to tell far more when see if the autumn market will provide August is historically a slow month buyers return from their summer London better choice. Realistically priced for selling property and this August breaks in the next month or so. Benson Beard MRICS properties are the ones that are selling, has been no exception, however, Bective Leslie Marsh provided they have no serious drawbacks, without more mortgage funding The market is still subdued. Stamp duty such as a busy road. being made available, sales will not indecision is compounding matters, along pick up no matter what other with tight banking lending. incentives may be introduced in an attempt to stimulate the market, and the broader economy will worsen as a consequence.

18 RICS housing market survey August 2008

London Aberdeen – Scotland Kincardineshire – Scotland Londonderry – Co Londonderry B J N D’Arcy Clark MRICS Gordon Macdonald FRICS Gordon Macdonald FRICS Alan Conway BSc MRICS Savills Allied Surveyors Scotland plc Allied Surveyors Scotland plc Patrick Andrews Chartered Surveyors Negatives: Stamp duty dithering; Aberdeen and its suburbs are still There is still a lack of confidence. There is over-supply in the market due to mortgage availability; market doing well due to the strength of Certain market sectors are showing poor levels of demand. The few sales which sentiment. the local economy. Well priced signs of activity, but new houses have completed reflect discounted prices. houses are selling, but taking longer and flats are not selling. Big houses Lack of competitive mortgage products Pimlico/Westminster to sell, flats and smaller properties nearer Aberdeen are selling, if well available for first time buyers has resulted James Gubbins MRICS for the first-time buyer are difficult priced. We expect more sales over in the market slowdown. Dauntons to shift due to lending institutions. the next two months. Buyer enquiries have reduced in line Newish flats and new build are not Newry – Co Down with the seasonal trend. Holidays are selling. Big homes and high priced Perth – Scotland Brononagh Boyd MRICS turning a relatively quiet market even property are selling well. James McIntyre BSc MRICS Digney Boyd Ltd quieter than usual. However, sensibly J & E Shepherd We have experienced an increased number priced property is attracting multiple Aberdeen – Scotland We have noticed values going of viewings. People are considering prices as offers which is encouraging and Kevin Angus MRICS down generally over the last good value. Financial institutions are showing that not everyone is as J & E Shepherd month. The main reason seems to considering market share. It appears the pessimistic as the media would have us First time buyers are unable to get be difficulty in arranging last quarter of the year will be slow, but we believe. mortgages, which is stopping reasonably priced mortgage are slightly optimistic about movement in demand and sale of summer flats. finance and also buyers’ 2009. Walthamstow There are larger numbers of flats confidence. Arwel Griffith BSc FRICS and houses for sale as most sellers Newry – Co. Down Robert Sterling Chartered Surveyors want to sell before buying as Scottish Borders – Scotland Ciara Aiken MRICS Still a very stick wicket with no signs of market slows. There is demand for Chris Highton DipSurv FRICS Best Property Services recovery yet evident. properties, but restrictions on Allied Surveyors Price reductions are taking effect slowly, finance is limiting the number of Although quieter than last year, there does not seem to be as many sales Teddington sales. transactions continue to progress. falling through. Banks/building societies Alex Langdon Values seem to be holding up, seem to be a little more flexible with their Jackson Stops & Staff Dunfermline and Environs – although we generally now see that lending as opposed to the first part of the Whilst August is traditionally a holiday Scotland purchasers are not willing to pay a year. Builders are very keen to move stock month, we have experienced a slightly Alasdair Seaton BSc MRICS significant ‘premium’ to be and are a lot more flexible with pricing higher level of demand in the last couple D M Hall successful at a closing date. structures than before. of weeks in 3 – 4 bed family house (core) Supply is still outstripping demand. market, resulting in a higher level of Sales are significantly below last St. Andrews – Scotland overall activity. Seems the natural year’s levels. Sales dropped John Bradburne FRICS bottleneck built up over the last few dramatically in April, since then Bradburne & Co. months has begun to clear a little, giving they have remained about the The market is almost dead in the us confidence going into September. same. Money supply issues water. Very little is moving but yet continue, affecting first time buyers it does not seem to be that price SCOTLAND the most. sensitive. Dramatically reducing Scottish Borders prices has not led to a surge in Alexander Inglis BA MRICS Aberdeenshire – Scotland interest. People seem to be staying John Sales Chartered Surveyors Gordon Macdonald FRICS put where they are until force of The numbers of houses coming onto the Allied Surveyors Scotland plc circumstance makes them move or market continues to increase. We have Prices are more volatile (and falling they run out of ideas for home seldom had more on our books. The more) the further you get from improvements! number of sales remains disappointing, Aberdeen. Fixed prices are selling although there has been an well, if correctly priced. There is still NORTHERN IRELAND improvement in recent weeks. Buyer more activity here than in the rest Enniskillen – Co Fermanagh confidence remains low. Sellers of the UK. Harold Montgomery FRICS generally accept that finding a suitable Montgomery Finlay & Co buyer will take longer and are ready to Glasgow – Scotland The following are having a negative be flexible on prices. We are now being Grant Robertson MRICS impact: bank credit problems, asked more about Home Reports and Allied Surveyors inflationary pressure and fuel costs how they could affect the market. The The market hit the wall in central/ etc., unemployment fears, and uncertainty over them appears to be west Scotland in July. Business and surveyors taking an overly worrying potential sellers. volume of orders are down by over cautionary approach due to the 50% on last July – a complete influence of lending institutions. Ayr – Ayrshire disaster. There are very significant Donald Wooley MRICS job losses across all service Lisburn – Co Antrim Allied Surveyors industries to the residential market, Bill McCann MRICS Both July and August have, by with office closures and developers Bill McCann Estate Agency comparison with previous years, been going bust. It has been a quiet August in part considerably slower. There has been an due to the holiday period. The vast increase in activity towards the end of Kinross – Scotland majority of prices are adjusted. August as schools return, and there has Alasdair Seaton BSc MRICS Successful sellers have grasped the been an easing of underlying mortgage D M Hall fact that prices have fallen at least rates. Until such time as loan to value Supply is still outstripping demand. 20%. Funding and buyer confidence ratios in particular are eased and first Sales are significantly below last remain the big issues and, as time buyers return, we believe the year’s levels. Sales dropped mentioned previously, Government market will remain sluggish. dramatically in April, since then initiatives are urgently required. they have remained about the same. Money supply issues continue, affecting first time buyers the most.

RICS housing market survey August 2008 19

Simon Miller BSc C C M Charlton BSc Ian Sandy FRICS Contributor details FRICS FRICS Ian Sandy Millers Chartered FPD Savills Mansfield - 01623 Surveyors & Estate Nottingham - 0115 934 835252 NORTH Jason Barnsdale Peter Mawer MRICS Agents 8020 P Airey MRICS MRICS Cranswick Leigh - 01942 606177 Christopher Shallice Paul Airey Chartered Barnsdale & Son Bridlington - 01262 Adam Farnsworth BSc FRICS FAAV Surveyors Doncaster – 01302 672110 Richard Powell BSc MRICS FAAV Hix & Son Sunderland - 0191 514 323453 FRICS Berrys Holbeach - 01406 422 5777 David Pank FRICS Ryder & Dutton Northamptonshire - 777 Ken Bird BSc MRICS Manning Stainton Oldham - 0161 925 01536 532373 Stuart Allan FRICS Renton & Parr Leeds - 0113 258 2657 3232 Ian Shaw FRICS Broadley & Coulson Wetherby area - 01937 G S Freckelton FRICS Escritt Barrell Golding Bishop Auckland - 01388 582731 Malcolm Parker MRICS Louis Rigby FRICS Freckeltons Grantham - 01476 602656 Joplings Estate Agents Leach Borron Shaw Loughborough - 01509 590211 Ian Martin Briggs Thirsk - 01845 522680 St Helens - 01744 214564 J R Armstrong LLB FRICS 22816 Jonathon Toon FRICS FRICS Dacre, Son & Hartley Edward Waterson BSc Stephen Gadsby BSc Paul Clements Shelton Armstrongs Ilkley - 01943 600655 FRICS John Robinson FRICS FRICS FSVA & Company Bishop Auckland - 01388 Carter Jonas FAAV Gadsby Orridge Nottingham - 0115 973 661155 Francis Brown FRICS York - 01904 558200 Whittaker & Biggs Derby - 01332 296396 5229 Norman F Brown 01260 273241 – David Benjamin MRICS Richmond - 01748 NORTH WEST Congleton, Andrew Granger Rodney Vigne FRICS Matthews Benjamin 822473 Graham Adnitt FRICS Macclesfield FRICS Strutt & Parker Windermere - 015394 Jackson Stops & Staff Andrew Granger & Co Market Harborough - 32220 J W G Cameron FRICS Chester - 01244 Andrew Snape FRICS Ltd 01858 433123 Stanton Mortimer 328361 Andrew Snape Estate Market Harborough - T H Brannen FRICS Limited Agents 01858 431315 Edward Wreglesworth Brannen & Partners Northallerton - 01609 Derek Coates MRICS 0161 485 2244 – FRICS Whitley Bay - 0191 251 773004 The Venmore Bramhall, Cheadle David Hawke FRICS Escritt Barrell Golding 7878 Partnership Hulme David Hawke & Co Sleaford - 01529 Chris Clubley FRICS Liverpool - 01704 500 Worksop - 01909 302271 Andrew Bruce Dip VEM CAAV 599 J Waddingham MRICS 531450 FRICS Chris Clubley & Co. Garside Waddingham WEST MIDLANDS Edwin Thompson Market Weighton - M G Fell BSc FRICS Preston - 01772 Neil Hunt BSc FRICS John Andrews FRICS Berwick-on-Tweed - 01759 304040 T H Woodhouse & Co. 201117 Wilkins Vardy IRRV 01289 304432 Birkenhead - 0151 608 Chesterfield - 01246 Doolittle & Dalley David Copley BSc 9776 EAST MIDLANDS 270123 01562 821600 – Douglas Farmer MRICS MRICS Charles Ball MRICS Bewdley, Bridgnorth, Penrith Farmers & Kidd's Beadnall Copley Michael Fisher FRICS Bury & Hilton Stephen Jeffery FRICS Kidderminster, plc Harrogate - 01423 Fisher & Wrathall 01538 383344 – Jeffery Jones Stourport Penrith - 01768 862 135 503500 Lancaster - 01524 Ashbourne, Buxton Partnership 68822 Derby - 01332 200388 Charles Ball MRICS Neil Foster FRICS Stephen Edwards Philip Barnes MRICS Bury & Hilton Foster Maddison Property FRICS John Halman FRICS Munday & Co David Johnson Dip Arb Leek - 01538 383344 Consultant Cundalls Gascoigne Halman Lincoln – 01522 FRICS MCIArb Newcastle upon Tyne - Malton - 01653 697820 Wilmslow - 01625 510044 P G Reading A Champion FRICS 0191 222 1066 540044 Leicester - 0116 Humberts John Francis FRICS Philip Barnatt MRICS 2544699 Worcester - 01905 Peter Hayward FRICS Crapper & Haigh Andrew Holmes BSc Mundy & Co 611066 Hayward Tod Associates Sheffield - 0114 272 (Hons) Dip Surv Lincoln - 01522 510044 Stephen King FRICS Carlisle - 01228 810300/6 9944 MRICS King West Jeremy Dell MRICS Carter Jonas R L Bell BSc FRICS 01858 435 970 - FAAV Keith Johnson FRICS Richard J Graves South Lakeland - Robert Bell and Market Harborough J J Dell & Company J W Wood FRICS 01539 814908 Company Oswestry - 01691 Durham City - 0191 386 D Dunk Lewis & Graves Horncastle - 01507 Ben MacIntyre BA 653437 9921 Bridlington - 01262 672 Brian Jackson FRICS 522222 (Hons) MRICS 576 Ellis & Sons Macintyers Estate Thomas Follwell BSc Dan Maddison MRICS Southport - 01704 Christopher Bletsoe Agents (Hons) MRICS Foster Maddison Property Edward Green MRICS 534171 FRICS FAAV Brackley - 01280 Follwells Ltd Consultants Jackson Green & Henry H Bletsoe & Son 701001 Newcastle Under Lyme Hexham - 01434 607711 Preston William Legget FRICS Thrapston - 01832 - 01782 615530 Grimsby - 01472 311 Denton Clark & Co 732241 Peter Mountain FRICS Richard Sayer BSc 113 Chester - 01244 Peter Mountain Edward Gallimore FRICS 409660 Branch SupportTeam Louth - 01507 603 366 FRICS Rook Matthews Sayer John E Haigh BSC Nottingham Property Edward Gallimore Alnwick - 01665 510044 MRICS FAAV Ian Macklin FRICS Services Charles Paton MRICS Tenbury Wells - 01584 Lister & Haigh Ian Macklin & Company 0115 956 4200 – King West 810436 Roger Windass FRICS Knaresborough - 01423 Hale - 0161 980 8011 Arnold, Beeston, Stamford - 01780 Rickard Chartered 860 322 Bulwell, Grantham, 484525 Andrew Grant FRICS Surveyors Ian Macklin FRICS Hucknall, Louth, Andrew Grant Whitley Bay - 0191 252 B J Hudson MRICS Ian Macklin & Company Mansfield, Mapperley, Martin Pendered Worcester - 01905 2920 Hudson Moody Hale Barns - 0161 980 Nottingham, FRICS 24477 York - 01904 650650 8011 Netherfield, Sherwood, Martin Pendered & Co YORKSHIRE & Skegness, Stapleford, Wellingborough - Jeffrey Gregson FRICS HUMBERSIDE Mark Hunter MRICS West Bridgford, 01933 228822 Lex Allan & Gregson N M Atkin FRICS Grice & Hunter Wollaton Stourbridge - 01384 Ullyott & Butler Doncaster - 01302 390450 Driffield - 01377 253456 360141

20 RICS housing market survey August 2008

Brian Holt MA MRICS David Boyden BSc SOUTH EAST Geoffrey Holden FRICS David Smith BSc William H Gater FRICS Brian Holt Chartered MRICS Martin Allen MRICS Parsons Son & Basley MRICS Waycotts Surveyors Boydens FAAV 01273 326171 – Dreweatt Neate Torquay - 01803 403 080 Kenilworth - 01926 01206 762244 – Elgars Brighton, Hove Andover - 01264 864408 Braintree, Colchester Wingham - 01227 342342 Matthew Harvey BSc 720557 John King MRICS MRICS Dean Lomas Esq Antony Bromley-Martin Quinton Scott R A Sumner BSc Humberts John Earle & Son BSc (Hons) MRICS Richard Athow FRICS 020 8971 6780 - FRICS Marlborough - 01672 Henley-in-Arden - Strutt & Parker MIRPM Borough of Kingston, Sumner Pridham 519222 01564 794343 Chelmsford - 01245 Philip A Chapman Merton Tunbridge Wells - 254639 South East Kent - 01892 516615 Matthew Higgs FRICS Neil McAndrew MRICS 01303 233969 Neil McAndrew BSc Michelmore Hughes Connell Esate Agents Stuart Clarke MRICS MRICS SOUTH WEST Totnes - 01803 862 002 Kidderminster - 01562 Clarke & Simpson Jonathan Bastable BSc Connell Estate Agents Mark Annett FRICS 68214 Framlingham - 01728 724 MRICS Milton Keynes - 01908 Mark Annett & Robert House FRICS 200 Strutt & Parker 674141 Company Kavanaghs Andrew Oulsnam Newbury - 01635 Chipping Campden - Melksham - 01225 MRICS Alan Coy FRICS 521707 Richard Meeson 01386 841622 706860 Robert Oulsnam & Co Bannister & Company MRICS Barnt Green - 0121 445 Felixstowe - 01394 Allan Brown MRICS Dreweatt Neate Alastair Beor-Roberts Richard Keenlyside 3311 282828 Churchills Winchester - 01962 FRICS MRICS Buntingford & Hertford - 842742 Knight Frank Gilyard Scarth J R A Owens FRICS Tom Goodley MRICS 01992 500151 Gloucestershire - Shaftesbury - 01747 Arkwright Owens Strutt & Parker Peter Meiklejohn 01285 659771 851122 Hereford - 01432 Norwich - 01603 617431 Mark Eshelby FRICS MRICS 267213 Latchmere Properties Dreweatt Neate Emma Bishop MRICS Paul Kingscote MRICS W J Hartnell FRICS Ltd Hungerford - 01488 Strutt & Parker Maggs & Allen John Ozwell FRICS Simon Matthew & Co Dorking - 01306 876 682808 Moreton in Marsh - Bristol - 0117 923 7766 Hunters Brentwood - 01277 006 01608 650502 Solihull - 01564 771000 355255 Andrew Miller FRICS Paul Knight FRICS Mark Everett BSc Linay & Shipp Colin Bowden FRICS Paul Knight Chartered Andrew Perrin MRICS Jeffrey Hazel FRICS FRICS Orpington - 01689 Dickinson Bowden Surveyors Fraser Wood Mayo & FNAEA Michael Everett & Co 825678 Dorchester - 01305 Street - 01458 840400 Pinson Geoffrey Collings and Co Epsom - 01372 273448 250402 Walsall - 01922 627686 Kings Lynn - 01553 Peter Mockett FRICS Gary A Lawrence BSc 774135 Peter Fearn FRICS Hilbery Chaplin Julian Bunkall FRICS Hons MRICS Tim Pook MRICS Keats Fearn Romford 01708 732732 Jackson Stops & Staff Charles Lear & Company Cooper Green Simon Hickling MRICS Farnham - 01252 Dorchester - 01305 262 Cheltenham - 01242 222 Shrewsbury - 01743 FAAV 718018 David Nesbit FRICS 123 722 276666 Maxey & Son D M Nesbit & Co King's Lynn - 01553 Peter T Foster FRICS Portsmouth - 023 9286 J M Butcher MRICS A Luxton FRICS Adrian Powell FRICS 767276 Porter Glenny 4321 H W White Stags A. Victor Powell Grays - 01375 374 444 Salisbury - 01722 Honiton - 01404 45885 Bromsgrove - 01527 Faisal Oshodi BSc(Hons) David Oswick FRICS 336422 832 222 MRICS John Frost MRICS David Oswick Ben Marshall MSc Russen and Turner The Frost Partnership Halstead - 01787 Simon Cooper FRICS MRICS M J Quantrill FRICS Kings Lynn - 01553 01494 680909 – 477559 FAAV Woolley & Wallis Quantrills 768187 Amersham, Ashford, Stags Shaftesbury - 01747 Sutton Coldfield – 0121 Beaconsfield, David Parish FRICS Exeter - 01392 255202 852242 353 9229 Christopher Philpot BSc Burnham, Gerrards Gates Parish & Co FRICS Cross, Staines, Slough, Upminster - 01708 John Cowley FRICS Alastair Martin FRICS John Robinson FRICS Lacy Scott & Knight Windsor 250033 Crisp Cowley Dreweatt Neate FAAV Stowmarket - 01449 Bath - 01225 789333 Wells - 01749 677667 Whittaker & Biggs 612384 Robert Green MRICS David Parry FRICS Biddulph - 01782 John D Wood & Co Cluttons David Dark FRICS D G Maskell MRICS 522117 John Pocock FRICS 020 7352 1484 – Maidstone - 01622 FNAEA FAAV Pocock & Shaw Lymington, Oxford, 756000 Seldon Ward & Nuttall Jefferys John Stevenson Cambridge - 01223 Winchester Bideford - 01237 01208 872245 – MRICS 322552 David Robinson MRICS 477997 Liskeard, Lostwithiel, St John German Peter Haynes FRICS Karrison Residential Austell, Wadebridge Burton-on-Trent - David Potter FRICS Trenchard Arlidge Westerham - 01959 W J T Edmonds FRICS 01335 340730 Potter & Co Cobham - 01932 563888 T R G Lawrence & Son David McKillop BSc Norwich - 01603 627201 857395 Yeovil - 01935 410777 FRICS Stuart Swash FRICS Edward Robinson McKillop & Gregory K Stuart Swash David Richardson FRICS Mike Hewson BSc MRICS Peter Farnsworth Salisbury - 01722 414747 Wolverhampton - Arnolds FRICS Robinson FRICS 01902 710626 Norwich - 01603 620551 Ibbett Mosely Maidenhead - 01628 Rendells Keith Metcalfe FRICS Tonbridge - 01732 637600 Exeter – 01392 276404 Metcalfe's Ryan Williams BSc John Shrive FRICS 770588 Torquay - 01803 298481 FRICS John B Shrive Kevin Rolfe BSc MRICS Stephen Froy BSc McCartneys Holt - 01263 713303 Philip Hiatt MRICS Aitchison Raffety MRICS Oliver Miles FRICS Hay-on-Wye - 01497 Halifax Property 01442 864713 – Elder & Froy Oliver Miles 820778 Raymond Smith FRICS Services Berkhamstead, St Beaminster - 01308 Swanage - 01929 426655 Watsons Residential East Grinstead - 01342 Albans 862606 EAST ANGLIA Norwich - 01603 226500 321142 Stephen Morris MRICS Neville Blackwell Martin Seymour BSc Timothy Garratt FRICS IRRV FRICS Andrew Wagstaff MRICS FRICS Rendells Davies & Way Collingwoods Bedfords Crow Watkin Chagford - 01647 Keynsham - 0117 986 March - 01354 652488 Burnham Market - 01328 Reigate - 01737 245886 432277 3681 730 500 RICS housing market survey August 2008 21

William Morrison BSc David James FRICS Robert Green MRICS Stephen Whitley FRICS Donald Wooley MRICS (Hons) MRICS David James John D Wood & Co R Whitley & Co Allied Surveyors Knight Frank Brecon - 01874 624757 020 7352 1484 – West Drayton - 01895 Ayr - 01292 260509 Exeter - 01392 423111 Battersea, Chelsea, 442711 David Jones BSc FRICS Fulham, Kensington, NORTHERN IRELAND Roger Punch FRICS Jones & Redfearn North West London SCOTLAND Bronagh Boyd MRICS Stags Rhyl - 01745 351111 Kevin Angus MRICS Digney Boyd Ltd Plymouth - 01752 Arwel Griffith BSc J & E Shepherd Newry - 028 30 833 223933 Michael Lawley BSc FRICS Aberdeen - 01224 233 FRICS MCIArb Lexicon Surveying 202822 Ray Saunders FRICS Cooke & Arkwright Services Aidan Conway BSc Webbers Property Cardiff - 029 20 346346 Walthamstow - 01371 John Bradburne FRICS MRICS Services 850541 Bradburne & Co. Patrick Andrews 01271 378500 – David Mark Lloyd BSc St Andrews - 01334 479 Chartered Surveyors Dulverton, Ilfracombe, Hons FRICS James Gubbins MRICS 479 Londonderry - 028 Taunton Morris Marshall & Poole Dauntons 7126 3635 New Town - 01686 626 Pimlico/Westminster - William Cummings Peter Symons FRICS 160 020 7834 8000 MRICS S I Cox MRICS Stags Walker Fraser & Steele Seamus I Cox & Co Totnes - 01803 865454 David Martin FRICS Henry Holland-Hibbert Glasgow - 0141 221 Enniskillen - 028 6632 Newland Rennie Wilkins FRICS 0442 5553 Robin Thomas FRICS Cwmbran - 01633 Strutt & Parker Strutt & Parker 868341 London - 020 Brian Devine FRICS J G Fleming MRICS Exeter - 01392 215631 76297282 Graham & Sibbald J G Fleming E B Morgan FRICS 01786 463111 – Omagh - 028 8225 Graham Waterton Beverley Morgan & Co Alastair Iles MRICS Clackmannanshire, 0040 MRICS Torfaen - 01633 872343 SW1 Estates Limited t/ Stirling Strutt & Parker a Iles & Co D N Gibson FRICS Salisbury - 01722 Andrew Morgan FRICS Knightsbridge - 020 Lindsay Duguid BSc Douglas Huston 328741 Morgan & Davies 7235 4555 FRICS Belfast - 028 9068 Lampeter - 01570 423623 McNeill Maguire & 3711 James Wilson MRICS John King MRICS McCreath Jackson - Stops & Staff David W Pearse FRICS Quinton Scott Edinburgh - 0131 226 Bill McCann MRICS Shaftesbury - 01747 David W Pearse & Co Wimbledon - 020 8971 6518 Bill McCann Estate 850858 Mold - 01352 700274 6780 Agency Chris Highton Dip Surv Lisburn - 028 92 WALES Murray Shepherd MRICS Justin Knight MRICS FRICS 666222 D E Baker FRICS Shepherd Sharpe Bective Leslie Marsh Allied Surveyors David Baker & Penarth - 029 2070 7999 Brook Green - 020 Scottish Borders - Tom McClelland FRICS Company 7603 5181 01750 724170 McClelland Salter Penarth - 029 2070 LONDON Lisburn - 028 9267 2622 Keith Barnfield FRICS Jeremy Leaf BSc Alexander Inglis BA 4121 Barnfields FRICS MRICS Giles Birt BSc MRICS Enfield - 020 8363 3394 Jeremy Leaf & Co John Sale Chartered Walter McFarland Chartles Birt & Finchley - 020 8446 Surveyors FRICS Company Benson Beard MRICS 4295 Scottish Borders - Eadie, McFarland & Co Tenby - 01834 842204 Bective Leslie Marsh 01896 754842 Enniskillen - 028 66 London - 020 7589 6677 Alastair Mason FRICS 324831 John Caines FRICS Bunch & Duke Gordon Macdonald Payton Jewell Caines Nicholas Butterworth BSc Hackney - 020 8986 FRICS Harold Montgomery Bridgend - 01656 MRICS 3521 Allied Surveyors FRICS 654328 Jackson-Stops & Staff Scotland plc Montgomery Finlay & 020 7664 6644 - Central Michael Pollard FRICS 01224 571163 – Co John R Davies MRICS London, Richmond Pollards Aberdeen, Enniskillen - 028 6632 J J Morris Bexley - 020 8303 1447 Aberdeenshire, 4485 Cardigan - 01239 612 Richard Cotton BSc Kincardineshire 343 FRICS Charles Puxley Esq Ciara Aiken MRICS Cluttons Jackson Stops & Staff James McIntyre BSc Best Property Services Julian Dyer FRICS 020 7647 7201 – Chelsea - 020 7581 MRICS Newry - 028 302 66811 Julian Dyer & Co Belgravia, Hyde Park, 5881 J & E Shepherd Abergavenny - 01873 Kensington & Chelsea Perth - 01738 638188 P J O'Reilly MRICS 855 551 Kevin Ryan FRICS O'Reilly Property B J N D'Arcy Clark Carter Jonas Grant Robertson Services Kelvin Francis FRICS MRICS Mayfair - 020 7493 MRICS - 028 3025 2424 Kelvin Francis & Co Savills 0676 Allied Surveyors Cardiff - 029 2076 6538 London - 020 7581 5234 Glasgow - 0141 330 Norman Russell Jonathan Slater LLB 9950 MRICS Dafydd Hardy MRICS Clive Evans FRICS (Hons) MA MRICS Russell Brothers Dafydd Hardy Y Chesterton Foster Slater Alasdair Seaton BSc Newtownards - 028 Gwerthwyr Tai Covent Garden - 020 Central/Greater London MRICS 9181 2145 01492 871800 – 7836 2888 - 020 8341 4146 D M Hall Llandudno, Llangefni 01383 621262 - Gary French BSc Dip Kim Turner Dunfermline and Nicholas Hill FRICS FRICS Bective Leslie Marsh Environs, Kinross Newland Rennie Friend & Falcke Kensington - 020 7795 Wilkins 020 7225 0380 - Barnes, 4288 Malcolm Taylor FRICS Chepstow - 01291 Clampham, Central Bell Ingram Ltd 626775 London Forfar - 01307 462516

22 RICS housing market survey August 2008

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