The Welsh housing market continues to cool with surveyors remaining cautious on the outlook.
According to the Royal Institution of Chartered Surveyors (RICS) in August a negative net balance of 24% of surveyors reported falling prices over the past three months, after falling flat in the survey previous. The balance was below the 海角视频 of minus 19%.
The RICS survey also shows that surveyors in Wales are not optimistic on the pricing outlook with a balance of minus 18% expecting prices to continue declining - slightly less negative than the minus 20% for the 海角视频 - although they believe house prices in Wales will be stronger over a 12-month horizon.
On the demand side, a net balance of minus 34% of survey respondents in Wales reported that new buyer enquiries fell through August, which is the second consecutive month this balance has been in negative territory. Market supply levels also appear more subdued with a net balance of minus 23% reporting that new instructions to sell fell through August, down from the minus 13% in July.
Moreover, a net balance of minus 23% of Welsh surveyors reported a fall in newly agreed sales. Although remaining in negative territory, this is up from the minus 55% that was seen in the survey previous.
Looking forward regarding sales, a net balance of minus 3% of surveyors expect sales to fall over the next three months, which is up from the minus 10% and minus 28% in the previous two surveys.
Regarding the rental market, Welsh surveyors reported that both tenant demand and landlord instructions fell flat through July. Subsequently, they expect rents to be flat over the next three months.
Anthony Filice of Cardiff-based estate agents Kelvin Francis said: “Even for the holiday season, viewing levels are quite low but viewers are serious and offer levels and sales agreed are quite strong. Transactions are slow, often due to conveyancers being on holiday, without leaving proper cover. Instruction levels are strong and should improve further in September.”
Commenting on the 海角视频 picture, Tarrant Parsons, head of market research and analysis at RICS, said: “With buyer demand easing and agreed sales in decline, the housing market is clearly feeling the effects of ongoing uncertainty. Concerns over the wider economic and fiscal outlook, combined with questions around the future path of interest rates amid stubbornly high inflation, are weighing on sentiment at this time.”