Property supply still limited …
As we are about to go into Spring instructions to agents continues to be low.
There is a general lack of quality property between £500,000 and £1m, and houses that remain on the market for any amount of time appear to be either overpriced or perhaps have an inherent problem.
The latest RICS residential survey reports that property priced at £1m or over is difficult to sell and that there is a differential deficit between asking price and sales price of around 5-10%.
Nationally, properties less than £500,000 are generally achieving the asking price, and regional variations include some negative growth figures.
In general, expectations remain flat for the next quarter, with London properties looking particularly vulnerable.
Uncertainty is the dominant factor in the market, with Brexit and rising costs of relocation two of a number of factors being cited as contributory to the current position.
The outlook for the coming quarter – “stable but flat”
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