Financial News: UK House Prices Continue To Fall: RICS

UK House Prices Continue To Fall: RICS

(RTTNews) - UK house prices continued to decline and sales activity indicators remained negative as challenging macroeconomic conditions weighed on demand but some measures showed signs of stabilization in the property market, the Residential Market Survey results from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.

The house price balance posted -35 percent in May, unchanged from April. However, the index suggested that the pace of decline is leveling off.

Near-term price expectations signaled further downside over the coming months. The net balance declined to -45 percent from -39 percent. Meanwhile, the price expectations indicator for the year ahead improved to +6 percent, indicating potential recovery within twelve months.

New buyer enquiries continued its negative trend with the May net balance recording -34 percent, the same as in April. However, RICS noted this marked the first reading since January where the headline demand indicator did not deteriorate further.

Likewise, the agreed sales measure showed an unchanged net balance of -37 percent in May. Although more respondents reported a decline in sales than an increase, the pace of deterioration no longer intensified.

Looking ahead, the near-term sales expectations index registered a net balance of -25 percent, up from -32 percent in the previous month. The sales expectations index for the twelve-month period rose to +2 percent from -6 percent in April.

Regarding supply, the survey suggested that near-term pipeline for new listings remained constrained in May. The new instruction gauge fell to -8 percent from -3 percent in the previous month.

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