The latest figures show that surveyors are seeing fewer homebuyers month-on-month, with demand for properties continuing to fall.
According to the January 2023 UK Residential Survey from the Royal Institute of Chartered Surveyors (Rics), the net balance for new buyer enquiries dropped from -40 per cent in December 2022 to -47 per cent the following month.
Rics chief economist Simon Rubinsohn told Estate Agent Today: “The overall tone of the feedback still remains subdued which is not altogether surprising given the jump in mortgage rates since the autumn.”
This is the ninth consecutive month of negative readings for new buyer enquiries, and is consistent across all parts of the UK.
Additionally, a net balance of -14 per cent surveyors reported a decline in new instructions last month, revealing property owners are reticent to put their asset on the market at the moment due to the unstable market.
The findings also revealed -39 per cent of surveyors had seen a drop in agreed sales in January, following from -41 per cent in December last year. This demonstrates a drop in residential sales volumes.
Mr Rubinsohn added that prices are now starting to reflect demand and supply changes, with values falling as demand declines.
According to the report, national house prices expectations net balance was -47 per cent in January, compared with -42 per cent in December 2022. However, the price indicator is positive for Scotland and Northern Ireland.
For advice from property surveyors in London regarding the state of the housing market in the capital, it is worth getting in touch.
