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Spring bounce & warmer weather will improve sales
House prices rose again in January but buyer interest and new instructions to sell property fell as bad weather hit activity in the market, says RICS latest UK Housing Market survey. So presumably as the weather warms up new instructions to sell property will increase .
In January, 32% more chartered surveyors reported a rise than a fall in house prices up from 30 percent in December.
Surveyors are optimistic that any negative signs are a reflection of the extreme weather conditions experienced in the early part of the year. The number of surveyors expecting house prices to rise increased from 12 percent to 24 percent while the number of surveyors expecting sales to pick up over the next three months rose from seven percent to 24 percent in January.
Transaction levels fell slightly in January. The number of sales per surveying firm fell from 19 to 18 while the closely watched sales to stock ratio - a measure of market slack and a lead indicator of future prices- fell for the second successive month.
The cold snap in January clearly has a huge impact upon both supply and demand in the housing market with activity coming to a halt amidst the seasonal chaos. Activity and interest is likely to pick up in the coming months as the market experiences a spring bounce and the weather gets warmer.
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