No end in sight for housing doldrums

The UK housing market is likely to be even slower this year than it was in 2011, according to the Royal Institution of Chartered Surveyors.
RICS’ latest monthly survey says some asking prices are still too high, while raising a mortgage continues to be difficult for many potential purchasers.

As a result, surveyors expect the level of sales to remain unchanged in the next three months.

In December, London was the only region not to experience a fall in prices.

“Continuing problems with the economy and the ongoing instability in the eurozone seem to be weighing heavily on the UK housing market and expectations for the coming months are fairly subdued,” said Rics spokesman Ian Perry.

“With sales expectations remaining flat, it is important that vendors are realistic in their pricing if they wish the sale to go through in good time.

“Looking ahead, along with surveyors’ flat predictions for transaction levels, price expectations remain low,” he added.