mercredi 14 janvier 2015
RICS: Stamp duty optimism despite sluggish demand
Posted on 16:53 by nice news
December 2014 saw a sluggish trend in new buyer demand and a tail-off in house price growth. However, stamp duty reforms are still expected to support market activity according to our latest UK Residential Market Survey.
Download the RICS UK Residential Market Survey for December 2014
The number of potential new house buyers dipped for the sixth consecutive month in December and price growth fell to its slowest pace since May 2013.
Across the UK, 10% more surveyors saw the number of potential new buyers decrease in December 2014. London saw the weakest demand, with 45% more surveyors reporting a decline in enquiries – the eighth consecutive monthly decline. The North of England and the South West saw strong rebounds in demand, albeit the underlying picture remains most upbeat in Northern Ireland and Scotland.
Despite the slowdown, there is optimism that the stamp duty reforms will deliver a 2-5% boost in both sales and prices over the next 12 months, despite members in London expecting sales to decrease by between 5-10% and prices to decrease by 2-5%, with larger properties and/or those in prime areas expected to see the biggest price decreases.
Nationally, as a result of the weaker trend in buyer interest, sales expectations slipped to a net balance of 21% (down from 27% in November) and just 11% more surveyors saw prices rise in December, rather than fall. The volume of agreed sales during December was little changed, while the average number of sales per chartered surveyor slipped to 19 (compared to 21.2 in the preceding December).
In the month that also saw mortgage approvals fall to their lowest in 18 months, December’s data showed that perceived Loan to Value (LtV) ratios across properties for first-time buyers and existing home owners remained stable at 84.9% and 77.6%, although they are lower compared with the early part of 2014 following the adoption of a
Download the RICS UK Residential Market Survey for December 2014
The number of potential new house buyers dipped for the sixth consecutive month in December and price growth fell to its slowest pace since May 2013.
Across the UK, 10% more surveyors saw the number of potential new buyers decrease in December 2014. London saw the weakest demand, with 45% more surveyors reporting a decline in enquiries – the eighth consecutive monthly decline. The North of England and the South West saw strong rebounds in demand, albeit the underlying picture remains most upbeat in Northern Ireland and Scotland.
Despite the slowdown, there is optimism that the stamp duty reforms will deliver a 2-5% boost in both sales and prices over the next 12 months, despite members in London expecting sales to decrease by between 5-10% and prices to decrease by 2-5%, with larger properties and/or those in prime areas expected to see the biggest price decreases.
Nationally, as a result of the weaker trend in buyer interest, sales expectations slipped to a net balance of 21% (down from 27% in November) and just 11% more surveyors saw prices rise in December, rather than fall. The volume of agreed sales during December was little changed, while the average number of sales per chartered surveyor slipped to 19 (compared to 21.2 in the preceding December).
In the month that also saw mortgage approvals fall to their lowest in 18 months, December’s data showed that perceived Loan to Value (LtV) ratios across properties for first-time buyers and existing home owners remained stable at 84.9% and 77.6%, although they are lower compared with the early part of 2014 following the adoption of a
RICS: Stamp duty optimism despite sluggish demand
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