RICS SURVEY SHOWS AN EXPECTED FALL IN LONDON HOUSE PRICES

  • After Knight Frank revealed that the house prices in prime central London have fallen, down by as much as 10% in Chelsea in September, the Royal Institute of Chartered Surveyors (RICS) conducted a survey to analyse this.

    The lead indicator of the housing market (RICS) made the following findings:

    • More chartered surveyors are reporting an increase in buyer enquiries; an increase, for the first time since February
    • The net balance of surveyors who think demand has increased stands at 3% compared to minus 12% in August
    • Although, the respondents said demand is increasing, they still expect to see London house prices fall rather than rise over the next three months
    • Majority of surveyors expected house prices to increase

    RICS chief economist, Simon Rubinsohn, said:

    "Buyers do appear to be returning, albeit relatively slowly, but the big issue that continues to be highlighted by the respondents is the lack of fresh stock to the market.

    "Central London remains something of an outlier with contributors telling us this is the one part of the market where they may be further give-on prices in the near term."

    What do you think?

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