RICS Economics RICS UK ( press office ) RICS housing market survey December 2008 1 T +44 ( 0 ) 20 7695 1682 December 2008
[email protected] RICS housing market survey United Kingdom Buyer enquiries improve but price balance remains weak • Price balance still strongly negative but less so than in Price changes in England and Wales November % balance of surveyors • New buyer enquiries increasing at fastest pace since August 100 2006 • Confidence in both the price and sales outlooks retreats 75 The seasonally adjusted net balance of surveyors reporting 50 falling rather than rising prices improved from 75.8 to 73.5 in 25 December. This is the least negative level since February 2008. The main factor that is depressing prices is the still large stock 0 of property on estate agents books relative to the pool of able -25 buyers rather than any surge in distressed selling. That said, new vendor instructions are now edging up, but as of yet, such -50 increases have not been material. Significantly, the number of -75 regions recording an increase in new instructions in England and Wales now stands at six (out of ten). -100 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 On the activity side, new buyer enquiries increased for the second consecutive month and at the fastest pace since August Confidence in the sales outlook continued to slip, shifting back 2006. However, completed sales per surveyor (over the last – albeit only just- into negative territory. However, across three months) fell slightly from 10.6 to 10.1, which is the England and Wales, sales expectations were still positive in lowest level on record (this series was first introduced in 1978).