Reed Cavendish Wealth Management - British Housing Market Still Stagnant
Number of properties being put up for sale in the U.K. increases for the second month but market remains flat say Reed Cavendish Wealth Management analysts.
TAIPEI CITY, Taiwan, August 2, 2018 (Newswire.com) - British house prices remained in the doldrums last month and Reed Cavendish Wealth Management analysts say they will likely remain flat over the next few months even though a greater number of properties have been put on the market.
According to recent data by the Royal Institution of Chartered Surveyors’ (RICS), their property price balance index increased to +2 in June, up from -2 the month before.
Reed Cavendish Wealth Management analysts had predicted a drop of -3 last month but RICS stated that the general outlook is one of flat price growth. Reed Cavendish Wealth Management analysts do not forecast a significant shift in the coming months.
The U.K.’s property market has slowed since the Brexit referendum in 2016 which caused a sharp increase in inflation and high uncertainty among property investors.
Reed Cavendish Wealth Management analysts say that although the number of houses being placed on the market has increased for the second consecutive month, average property stocks still remain at a record low of 43 and it is too early to tell if this trend will become less of an obstacle in the coming months.
In the longer term, Reed Cavendish Wealth Management analysts say that the property market in London will probably remain a weak point. Analysts say they do not predict an increase in property prices in the capital city while prices are slowly edging up in the rest of the U.K.
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Source: Reed Cavendish Wealth Management