• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

2019 property market off to a slow start

The year got off to a slow start, with the latest RICS UK Residential Market Survey pointing to a subdued backdrop, as enquiries, sales and new instructions all declined further in London. In the near term across the UK, contributors sense little prospect of a turnaround, as concerns over the potential impact of Brexit, alongside […]

Joe Mellor by Joe Mellor
2019-02-14 00:10
in Business, Economics, Property
FacebookTwitterLinkedinEmailWhatsapp

The year got off to a slow start, with the latest RICS UK Residential Market Survey pointing to a subdued backdrop, as enquiries, sales and new instructions all declined further in London.

In the near term across the UK, contributors sense little prospect of a turnaround, as concerns over the potential impact of Brexit, alongside affordability constraints continue to cause buyers and sellers to hesitate.

During January, new buyer enquiries fell in London, although at a slower pace than previously.  This did however mark the fifth successive monthly decline. Indeed, demand declined to some degree across virtually all parts of the UK. Scotland was a slight exception, but even here the trend was only flat.

Alongside weakening demand, the number of new properties being listed on the sales market also deteriorated, with the net balance reading of -17%, a marginal improvement on the Decembers figures. Rounding off a subdued month for market activity, agreed sales also fell further.
Looking ahead, sales expectations for the coming three months remain downbeat, with 33% more respondents expecting a further decline.  This is replicated across the UK with expectations negative in eleven of the twelve regions/countries covered.

Beyond the immediate near term, the outlook for the capital is a little steadier, with a net balance of +25% of contributors expecting sales to rise.Prices also continued to slip, as the London price indicator the weakest since January 2009, with 72% more respondents having seen a decline in prices rather than a rise.  Near term price expectations also remain negative.

Across the lettings market, tenant demand rose modestly in London the three months to January (seasonally adjusted series). It has now picked-up in each of the last four quarters. Ominously, new landlord instructions continue to dwindle, remaining in negative territory. 

Simon Rubinsohn, RICS Chief Economist, said: “The London housing market remains particularly challenging at present with key RICS indicators continuing to soften. Although Brexit has been widely cited by respondents as inhibiting activity, the more subdued picture also reflects ongoing tax changes for investors and affordability concerns. An agreement on the way forward with the EU should provide some temporary relief which is reflected in contributors slightly more positive view on sales at the twelve-month time horizon. However, it remains to be seen how far any improvement might run.”

RelatedPosts

McDonald’s to pay France huge sum in tax fraud case

Reaction as young Brits told to bin Netflix and takeaways to get on property ladder

Young Brits struggling to get onto property ladder because they watch Netflix and buy takeaway coffees – poll

Johnson’s ‘mortgage for benefits’ distraction has been razed to the ground

https://www.thelondoneconomic.com/property/empty-homes-tax-may-be-most-effective-way-of-making-housing-more-affordable/13/02/

Please login to join discussion

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Watch: Minister’s anger when asked if PM missed COBRA meetings to write Shakespeare biography

UK Weather forecast, Friday 2 July 2021

Film Review: Cold War

So-called patriots yelling “scum” and “shame on you” at the police should be ashamed of themselves

The Weekly Cocktail Recipe – Disaronno El Diablo Sour

Well played! Greta Thunberg’s April Fools’ prank is epic trolling

How Much Does a Hair Transplant Cost in Turkey?

Protests: What are they good for?

Johnson secretly pursuing dangerous no-deal Brexit, Nicola Sturgeon says

Scottish chippy has unveiled an Easter version of the deep fried Mars Bar – a battered CREME Egg

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.