RICS survey confirms UK price growth slowdown
UK house price growth, especially in London, is slowing after the historic vote to leave the European Union, according to the latest data from the Royal Institution of Chartered Surveyors.
The monthly report from RICS posted the lowest survey reading in three years in July. Just 5 per cent more respondents nationally saw a rise rather than fall in prices, down from 15 per cent the previous month.
This downward trend that is evident across the UK and the London price indicator remains more downbeat with net balance of -33 per cent which is broadly consistent with an outright drop in prices in the capital but not quite as sharp as that reported in June.
The report also says that as price growth slows for now, near term price expectations across the UK were negative for the third month in succession with 12 per cent more respondents predicting a decline in house prices over the next three months. It is the longest stretch of negative readings since 2012.
As activity falters, interest from new buyers in the UK also continues to wane, with the results showing a fourth consecutive month of falling demand to a net balance of -27.