UK housing supply 'takes a tumble'

Posted: 11 Oct 2011 13:41:02 GMT

The economy is continuing to have a negative effect on the UK housing market.

UK housing supply fell back in September, with fewer vendors putting their properties up for sale across the four-week period, new research has shown.

According to the Royal Institution of Chartered Surveyors (Rics) Housing Market survey, concerns regarding the wider economy are continuing to have a negative impact on the housing market.

The study revealed five per cent more surveyors reported a property fall rather than rise across the time frame, with many noting a dip in consumer confidence resulting in people being reluctant to put their dwellings on the market.

Michael Newey, housing spokesperson at Rics - which has about 100,000 qualified members and more than 50,000 students and trainees around the world - stated: "Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now."

The industry figure added the result of this behaviour is a flat housing market with subdued activity levels.
 

© Houseladder Ltd