RICS adds to the UK property market gloom
Property prices are down, rental prices are up and estate agents are the gloomiest they have been in 14 years. That’s the summary from the Royal Institution of Chartered Surveyors’ (RICS) latest residential property survey.
The RICS says the property sales market is set to continue to suffer with little prospect of a pick-up in the near future. New buyer enquiries declined slightly from the -45 posted last time, to -47, with new sale instructions following a similar trend, slipping from -17 in July to -26 this time round. What’s happening? It’s all to do with increased housing costs with mortgages up, rent costs up, heating costs up and the increased costs of building regulation and ownership.
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