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Financial News: UK Residential Property Demand Falls Slightly, Agreed Sale

UK Residential Property Demand Falls Slightly, Agreed Sales Remain Flat: RICS

06/09/2022 - 07:32:00 (RTTNews)

(RTTNews) - The UK housing market activity showed signs of slowdown in May as there was a slight drop-off in demand and a flat trend in agreed sales and instructions, the Residential Survey results from the Royal Institution of Chartered Surveyors showed on Thursday.

The latest net balance for new buyer enquiries came in at -7 percent, down from +8 percent in April. The moderate fall in demand ended a run of eight consecutive positive monthly readings beforehand.

At -2 percent, the volume of sales agreed was reportedly little changed for a second consecutive month. The near-term sales expectations came in at +1 percent, down from +10 percent in April.

At the same time, new instructions to sell were largely flat in May, returning a net balance of zero following a figure of -2 percent.

A net 73 percent of contributors reported an increase in house price in May, down from 80 percent in April.

The twelve-month price expectations eased at the national level for a third successive month. A net balance of +42 percent of survey participants envisage house prices being higher in a year's time, the most moderate reading since January 2021.

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