RICS paints gloomy picture of the market

Surveyors report – overall – a flat month nationally in terms of prices, for the first time since 2013, and a stagnating market in terms of activity, with the 12th monthly decline in buyer demand and the seventh monthly decline in new properties coming to the market. London surveyors showed the least confidence in house prices. RICS pointed to Brexit and raised stamp duty levels as reasons for a dead London market, and their were further concerns about an imminent interest rate hike.

The report comes in contrast to Monday’s Halifax report that showed a surprise 1.5% monthly house price spike in March. However, some commentators notes the Halifax index’s vulnerability to monthly volatility.