Housing market shows weak demand in June

Buyer interest in the housing market declined in June, only the second such drop since October 2008.

New data from the Royal Institute of Chartered Surveyors (Rics) revealed that five per cent more members reported a fall rather than a rise in new buyer enquiries last month.

In addition, the report revealed that there was a rise in supply, which has now remained positive for 13 consecutive months.

Jeremy Leaf, a spokesman for Rics, said: "A shortage of stock has been one factor holding back transaction activity in the housing market but the abolition of HIPS is helping to belatedly address this issue. This is likely to be reflected in higher sales numbers over the coming months.

"However, with supply of property now beginning to outstrip demand there is a risk of some modest slippage in prices during the second half of the year."

The Rics figures also showed that ten per cent more chartered surveyors reported a rise rather than a fall in house prices last month.

Published on: July 14, 2010

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