British Real Estate Agents Predict a Decline in House Prices
October 14, 2022
10
The Royal Institute of Certified Appraisers said its index of price expectations for next year fell by 15% in September from 3% a month earlier.
British real estate agents are pessimistic about the housing market, expecting prices to fall next year for the first time since the beginning of the coronavirus pandemic.
The Royal Institute of Certified Appraisers (RICS) said its index of price expectations for next year fell by 15% in September from 3% a month earlier. Inquiries of potential home buyers in the UK have been falling for the fifth month in a row, and some sellers do not want to bring real estate to the market.
Reasons. The figures reflect rising interest rates and turmoil in mortgage markets caused by the Bank of England's measures to raise borrowing costs and suppress inflation. While the lack of real estate supply on the market has kept prices afloat, RICS said many agents expect sentiment to worsen due to the difficulties facing the UK economy.
Quote. "The storm clouds are visible in the deterioration of short—term expectations for both pricing and sales," said Simon Rubinson, chief economist at RICS. "It's hard not to anticipate further pressure on the housing sector as the economy adjusts to higher interest rates and the tight labor market begins to change."
Rent. The rental market saw a sharp increase in demand from tenants, while the number of landlords renting out new real estate continued to decline. These factors point to an increase in rental prices over the next three months, according to RICS.
Quote. "Now is not the best time to be a landlord in Scotland, and it is very risky to purchase a property with an existing tenant, given the ban on eviction and the rent freeze," said Jennifer Campbell, DM Hall agent.
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