Rics survey finds sales levels stabilised in December ? but inquiries dropped for seventh month in a row and new instructions also fell
Britain's estate agents are looking to better weather in the spring to boost the housing market after a combination of icy conditions, rationed mortgage finance and a shortage of sellers saw 2010 end on a low-key note.
The monthly health check from the Royal Institution of Chartered Surveyors (Rics) found that sales levels stabilised in December after declining in the second half of last year.
But Rics said tough conditions for first-time buyers meant inquiries to purchase homes dropped for a seventh month, while the number of new instructions also fell as potential sellers delayed putting property on the market.
Rics spokesman, Jeremy Leaf, said: "Although bad weather hit the market during December, sales levels have remained stable. While lack of supply, and more importantly demand, continues to impact heavily, surveyor sentiment does appear more positive for the coming months.
"The key issue now is mortgage finance. However, with commentators suggesting lending constraints are unlikely to be eased, it is hard to envisage a meaningful increase in sales levels in the near term."
According to Rics, more surveyors reported price falls than price increases last month but the balance of -39 percentage points compared with an even weaker -44 points in November 2010. Rics said member firms sold 15 homes on average in the final three months of 2010 compared with a long-run average of 27 since 1994.
A separate survey out today said market conditions for the construction sector were gloomier than for residential property at the end of 2010. Property industry analysts said the number of projects started in the three months to December fell by 29% compared with the same period of 2009. "Extreme weather conditions, the seasonal lull and the slowdown in government investment resulted in one of the lowest monthly total project starts in years," said James Abraham, an economist at Glenigan. Residential projects were 31% down, non-residential 20% down and civil engineering 50% lower.
Source: http://www.guardian.co.uk/business/2011/jan/18/rics-housing-market-2010-chilly-note
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