UK housing market remains subdued

UK housing market remains subdued with no impetus predicted in the near term

Activity in the UK residential property market remained flat in May and it is unlikely to gain any impetus in the near term, according to the latest monthly housing market survey, reports Property Wire.

Although the number of homes coming on to the housing market turned positive for the first time since 2016, buyer demand continues to decline at a headline level but to a lesser extent than at the start of 2018, says the report from the Royal Institution of Chartered Surveyors (RICS).

Overall, the market saw a stable trend in new instructions in May, with the headline indicator turning positive for the first time in more than two years but average stock levels on estate agents books across the UK was steady at 42.5, which is still close to an all-time low.

The report says that it remains to be seen whether the increase in May truly marks the beginning of supply pressures easing.

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