UK Property Market Slows while Supplies Remain Tight

The property or housing market of the UK showed the signs of slowing down because the continuous shortage of properties for sale in the UK hampered the would-be property buyers. As per the RICS or Royal Institution of Chartered Surveyors, 1% more respondents came up with reports claiming a complete fall in property sales. The RICS in the UK carries out the task of surveying the different members every month. The institution expects the property sales to remain slow, even for a particular time span in the UK.

Inquiries regarding properties from potential investors and purchases increased marginally in contrast with a sharp growth reported in inquiries made previously. In the meantime, some new properties in the UK have been put up for sale. Members of the RICS have warned that complete lack of options for the would-be property buyers is something that is weighing quite heavily on the UK property market. Connect With Us, able to get hold of a suitable property.

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The Main Reason behind this Downfall

The UK housing market traditionally slows down every year in the month of December. This is because people put their moving plans on hold due to Christmas celebrations. However, the fact that property surveyors are hoping for activity to continue remaining muted even after December is largely because of a combination of different factors. The United Kingdom’s decision of leaving EU might have the potential property buyers and investors adopting a wait and watch approach. In the meantime, complete lack of property and houses for sale in the UK might be holding back the citizens who are bent on moving ahead with property purchases in the country. This is because they might not be able to get hold of a suitable property.

Who are the Ones Affected?

While property sales in the UK fell across the country, they were found increasing in South West, Northeast and Wales. Reports from property surveyors claim that prices of properties have increased in all the different regions of the UK except London. In this category, Northwest UK has seen the strongest development. However, the falling values of properties in London were a cause of concern for the property surveyors and the government on the whole. The trend of falling property sales in the UK is expected to continue for some time, and this is the reason why there has been an increase in the number of renters throughout the country. Renters are widely looking for rented properties because the supply of saleable property is very tight in the UK.