You are here: Home - News -

House prices in worst fall since 2012 – RICS

  • 10/05/2018
  • 0
House prices in worst fall since 2012 – RICS
House prices dipped slightly in April, driven by more substantial declines in London and the south east, the latest residential market survey from the Royal Institution of Chartered Surveyors has revealed.

The RICS price balance dropped to -8, having been flat in February and March.

The trade body pointed out that while this figure only signals a slight decline, it is nonetheless the most negative figure seen since November 2012.

The London market had a particularly tough month, with 65% more respondents saying prices fell over the month rather than increased, the weakest reading since February 2009.

However, prospects for price rises appear to be good.

Around 31% more respondents said they expected house prices to be higher in a year’s time, with the strongest sentiment in Scotland and the north west.


New buyer and sales remain flat

RICS reported that new buyer enquiries were more or less unchanged in April, following four straight months in which they had fallen significantly. It has now been 13 months since there was an increase in new buyers.

It was a similar story with sales which were mostly unchanged, having fallen back sharply in recent months.

New instructions fell, with a net balance of -7, though RICS noted this is the least negative reading seen since last September. Average stock levels on estate agents’ books now stand at 42.2.

Simon Rubinsohn, RICS chief economist, pointed out that the housing market generally sees an improvement in activity levels around this time of year, but noted that once this seasonal pattern is allowed for the underlying trends remain broadly flat.

Mark Readings, chief executive officer of House Network, suggested that uncertainty – largely because of Brexit – was slowing sales in the capital, but pointed out that it remains a good time for buyers with mortgage rates remaining low.

He added: “History tells us that as political uncertainty fades, we can expect a recovery, and sellers and buyers can now take advantage of a range of cost effective ways for marketing and buying property.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Competition, market race, effort,
Lender competition behind improving picture for first-time buyers – poll result

Intermediaries have suggested that increased competition among lenders is behind the improved range of products open to first-time buyers today.