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Financial News: UK House Prices Rise, Sales Market Activity Softens

UK House Prices Rise, Sales Market Activity Softens In January: RICS

02/11/2021 - 04:52:00 (RTTNews)

(RTTNews) - UK house prices continued to increase while there was a general weaker trend in sales market at the start of the year, the Royal Institution of Chartered Surveyors, or RICS, said Thursday.

A net balance of +50 percent of survey participants reported an increase in house prices during January, thereby signaling a significant degree of upward pressure on prices. However, this was down from +63 percent posted in December.

At the national level, net balance of +30 percent of respondents anticipate prices to increase over the year to come.

A net balance of -28 percent reported a decline in new buyer enquiries in January, ending a seven consecutive positive monthly readings. There was also a decline in the number of fresh listings being brought onto the market as well as in the number of agreed sales.

Further, the near term sales expectations remained subdued at the national level, returning a net balance of -29 percent. The twelve month outlook came in at -4 percent versus -6 percent in December.

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