RICS Housing Market Survey March 2008

Citation

(2008), "RICS Housing Market Survey March 2008", Structural Survey, Vol. 26 No. 4. https://doi.org/10.1108/ss.2008.11026dab.007

RICS Housing Market Survey March 2008

Article Type: Newsbriefs From: Structural Survey, Volume 26, Issue 4

Keywords: Housing, Sales, Finance

The balance of Chartered Surveyors reporting house prices falls increased to an historical low in March 2008. However, a lack of new supply is still preventing significant price falls despite rising stock levels, says RICS. The RICS house price balance dropped for the eighth month in succession. A total of 78.5 per cent more Chartered Surveyors reported a fall than a rise in house prices, an increase from 65.7 per cent in February. This figure has exceeded the historical low of June 1990, when 64.5 per cent more Chartered Surveyors reported a fall in house prices and is now the lowest figure since the survey began in 1978. Many would-be-buyers are either struggling to raise the necessary finance to precipitate a move or are exercising caution in the light of current economic uncertainty. With the official interest rate cuts not being passed on to the high street there is little expectation that demand will improve in the near term. It is clear that price falls are being driven by the inability of many to secure finance rather than an influx of supply into the market.