New instructions fall back again as stock levels hit record new low

New buyer enquiries and sales remained flat in March, as stock levels hit a new record low.

The RICS said this morning that the UK housing market continues to lack impetus, with surveyors reducing their expectations for housing market performance this year.

New instructions fell noticeably with 13% more respondents seeing a fall in new listings rather than a rise over the month.

Stock on estate agents’ books has consequently dipped to 43.

However, the RICS claim was countered by the website Home, which said that there were “significant” increases in inventory last month, with new supply up 7% compared with March last year.

Home said that nationally, the supply of property is at a 34-month high.

According to the RICS, 3% more respondents saw a fall in agreed sales rather than a rise. However, sales did rise in Wales, Scotland and Northern Ireland.

The lack of supply in the market continues to underpin price rises, which the RICS says were prevalent other than in central London.

In the lettings market, tenant demand continues to rise.

However, the RICS said new landlord instructions remained in negative territory for a sixth straight month and that the imbalance between supply and demand continues to drive rents upwards.

Yesterday evening, Home director Doug Shephard defended his claim that inventory is rising.

He said that the low was in January 2016, with listings at 386,000. The total number of homes for sale is now 413,000, he said.


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Written by: Houseladder