Housing Market Improving But Remains ‘Sluggish’ | Money Avenue Finance News
A new report from the Royal Institute of Chartered Surveyors (RICS), the industry body which represents surveyors and other property professionals, has given a mixed picture of the state of the housing market in the UK.
The comprehensive report, which draws on data from across the country, indicated that 31% more of surveyors, recorded a fall than reported an increase in asking prices during January. There was also a fall in demand for houses, with 7% more surveyors reporting a fall than an increase in demand during the month. These figures represent a slightly better picture than in previous months however, as the market has experienced a major slow down since the middle of 2010.
In addition to general concern about the state of the economy and lack of mortgage approvals which has hampered the market in recent months, the slow nature of the market has also been attributed to concerns surrounding the Bank of England base rate. Some are suggesting the rate may be increased from its current level of 0.5% following recent reports of high inflation levels.
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