FTAdviser.com - Negative outlook for property prices: RICS

FTAdviser.com - Negative outlook for property prices: RICS

The March UK Housing Market Survey recorded strong regional variations in the market, with London, the southeast and parts of Scotland faring well, while the Midlands and the north of England proved far less resilient.

Large parts of the Midlands and the north of England saw buyer interest drop considerably, while surveyors in areas such as Scotland, Wales and the southeast reported a steady increase.

Transaction levels were also high in the South West and Wales, while the East Midlands and Yorkshire and Humberside experienced negative readings.

Ian Perry, a spokesman for RICS, said: "The negative outlook for property prices across the UK seems to better reflect the general economy than the micro-climate of London. The low level of buyer interest in many parts of the UK continues to affect the market, resulting in some downward pressure on prices."