Demand For Homes In London Falling…

Data from RICS shows that a large majority of survey respondents have been reporting falling numbers of buyer enquiries in London for several months, whilst a smaller majority are reporting falling volumes of homes for sale. As the change in demand is much greater, the net effect points towards falls in house prices in London (and the rest of the country) in the coming months. The fall in both demand and supply also suggests that transaction volumes will be low in the sales market, likely due to a combination of the economic slowdown and buyers waiting to see if mortgage rates will continue to trend downwards. National mortgage approvals data already indicates a slowdown in transactions, and lenders reported falling demand for secured lending in their responses to the Bank of England Credit Conditions Survey.

Source: RICS monthly housing market survey

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