House prices still declining in Central London

House prices in Central London are still declining according to anecdotal evidence from surveyors.

The RICS UK Residential Market Survey for June found that 45% more surveyors are seeing prices decline in Central London than rise.

The trend is reversed in Northern Ireland however; where 41% more saw prices rise.

Simon Rubinsohn, chief economist of RICS, said: “The latest results demonstrate the danger, however tempting, of talking about a single housing market across the country.

“RICS indicators particularly regarding the price trend are pointing towards an increasingly divergent picture.

“High end prime properties may be seeing prices slipping back but, for good or ill, prices are continuing to move higher in many other segments of the market. Indeed, the disaggregated data suggests that this will continue to be the case over the coming months.

“Perhaps not surprisingly in the current environment, the term ‘uncertainty’ is featuring more heavily in the feedback we are receiving from professionals working in the sector.

“This seems to be exerting itself on transaction levels which are flatlining and may continue to do so for a while particularly given ongoing challenge presented by the low level of stock on the market.”

In Wales 38% more surveyors saw a rise rather than fall in prices over the month.
And in the West Midlands and the North West 33% and 28% more responders to the survey saw a rise.

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