Unoccupied property insurance clients might not be too happy with the surveying profession’s latest housing market research. The Royal Institution of Chartered Surveyors’ UK Housing Market Survey for September shows house prices continuing to go down with the level of transactions also depressed. The RICS says that 23% more surveyors reported prices falling rather than rising over the last three months. Enquiries from new purchasers increased very slightly in September but instructions from new vendors were down.
The RICS is just one of the many commentators to point out recently that London is really a completely different market to the rest of the country. Prices have been rising in the capital whilst elsewhere the gloom has set in. No one knows how long all this will last; can London prices continue to defy gravity?