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UK Housing Market 'Subdued'

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real estate  United Kingdom  RICS  London  CB Richard Ellis  Royal Institution of Chartered Surveyors  residential real estate sector  Michael Newey 

UK Housing Market 'Subdued'

By - Wednesday 12 October 2011

Fewer people have been putting their properties up for sale in September, resulting in a slight constriction on the supply of residential real estate in the UK, the latest research from the Royal Institution of Chartered Surveyors (RICS) has revealed. According to the organisation, there was a five per cent increase in the number of respondents reporting a fall rather than a rise in new instructions last month.

However, enquiries from new buyers were marginally higher, although RICS pointed out that high deposits and restricted mortgage lending is still preventing buyers from entering the market. Michael Newey, housing spokesperson for the institution, commented: "Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now." He added that the residential real estate sector in the UK is "pretty flat" at present, as a result.

Investors may not be hit by the same financing difficulties as owner-occupiers and it appears that the London property market is still going strong, according to data from CB Richard Ellis. Earlier this month, the firm noted that the city is a top target among international investors, attracting some 39 per cent of the capital invested in European real estate by those outside the continent during 2010 and the first six months of this year.

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